Oppenheimer & Co. Inc. Decreases Stock Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Oppenheimer & Co. Inc. cut its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 61.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,269 shares of the financial services provider's stock after selling 26,096 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Remitly Global were worth $338,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Stifel Financial Corp increased its position in Remitly Global by 10.4% during the fourth quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock valued at $1,290,000 after acquiring an additional 5,390 shares during the last quarter. Bank of Montreal Can grew its stake in shares of Remitly Global by 3.6% during the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after purchasing an additional 1,435 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Remitly Global by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,246,582 shares of the financial services provider's stock valued at $28,135,000 after purchasing an additional 25,616 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Remitly Global by 53.1% in the 4th quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider's stock worth $1,597,000 after purchasing an additional 24,559 shares during the period. Finally, Proficio Capital Partners LLC bought a new position in shares of Remitly Global in the 4th quarter worth approximately $315,000. 74.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on RELY. Barclays upped their target price on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. JMP Securities reissued a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a research report on Thursday, April 10th. The Goldman Sachs Group upped their price objective on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. KeyCorp lifted their target price on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Finally, Monness Crespi & Hardt boosted their price target on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Remitly Global presently has an average rating of "Moderate Buy" and an average price target of $28.88.

Remitly Global Stock Performance

Shares of Remitly Global stock opened at $18.26 on Thursday. Remitly Global, Inc. has a fifty-two week low of $12.33 and a fifty-two week high of $27.32. The company has a market capitalization of $3.72 billion, a P/E ratio of -608.67 and a beta of 0.13. The company has a fifty day moving average of $21.02 and a 200 day moving average of $21.85.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative return on equity of 0.70% and a negative net margin of 0.34%. The business had revenue of $361.62 million for the quarter, compared to the consensus estimate of $347.81 million. During the same period in the previous year, the business earned ($0.11) earnings per share. The business's revenue was up 34.3% on a year-over-year basis. Analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Buying and Selling

In other news, Director Phillip John Riese sold 5,000 shares of Remitly Global stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total transaction of $101,700.00. Following the sale, the director owned 102,257 shares in the company, valued at $2,079,907.38. This trade represents a 4.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $22.44, for a total transaction of $327,242.52. Following the transaction, the chief executive officer owned 4,271,181 shares of the company's stock, valued at approximately $95,845,301.64. This represents a 0.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,084,968 shares of company stock worth $276,321,392 in the last quarter. 7.50% of the stock is owned by insiders.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.