Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total value of $251,994.24. Following the sale, the chief executive officer directly owned 4,212,849 shares of the company's stock, valued at approximately $72,798,030.72. The trade was a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Remitly Global Stock Performance
Shares of NASDAQ:RELY traded down $0.27 during midday trading on Thursday, hitting $17.18. 4,751,886 shares of the stock were exchanged, compared to its average volume of 2,227,716. The business's 50-day moving average price is $20.39 and its 200 day moving average price is $21.52. Remitly Global, Inc. has a 12 month low of $12.43 and a 12 month high of $27.32. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of -572.67 and a beta of 0.13.
Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. The firm had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. During the same quarter last year, the firm earned ($0.11) earnings per share. The company's revenue for the quarter was up 34.3% on a year-over-year basis. As a group, sell-side analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current year.
Analysts Set New Price Targets
RELY has been the topic of several recent research reports. Barclays raised their target price on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. The Goldman Sachs Group lifted their price objective on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, May 8th. JMP Securities reaffirmed a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a research report on Thursday, April 10th. KeyCorp boosted their target price on shares of 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 lifted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $28.88.
Read Our Latest Research Report on RELY
Hedge Funds Weigh In On Remitly Global
Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Remitly Global by 2.1% during the first quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider's stock worth $311,109,000 after purchasing an additional 306,099 shares during the period. Alliancebernstein L.P. grew its position in shares of Remitly Global by 366.8% during the 1st quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider's stock worth $106,867,000 after buying an additional 4,037,151 shares during the period. ArrowMark Colorado Holdings LLC increased its stake in shares of Remitly Global by 34.4% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock valued at $107,751,000 after acquiring an additional 1,220,806 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Remitly Global by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider's stock valued at $79,666,000 after acquiring an additional 49,281 shares during the period. Finally, Norges Bank bought a new position in Remitly Global during the fourth quarter worth $66,169,000. Institutional investors and hedge funds own 74.25% of the company's stock.
About Remitly Global
(
Get Free Report)
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.
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