Matthew B. Oppenheimer Sells 14,583 Shares of Remitly Global, Inc. (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) CEO Matthew B. Oppenheimer sold 14,583 shares of the business's 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 owned 4,212,849 shares of the company's stock, valued at approximately $72,798,030.72. This represents a 0.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Remitly Global Price Performance

RELY traded up $0.11 during trading on Monday, hitting $17.13. 627,139 shares of the stock traded hands, compared to its average volume of 2,223,770. The business has a 50 day moving average price of $20.25 and a 200 day moving average price of $21.46. The company has a market cap of $3.49 billion, a price-to-earnings ratio of -571.73 and a beta of 0.13. Remitly Global, Inc. has a twelve month low of $12.43 and a twelve month high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.09. The firm had revenue of $361.62 million for the quarter, compared to analysts' expectations of $347.81 million. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. The company's revenue was up 34.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.11) earnings per share. On average, equities research analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RELY shares. JMP Securities restated a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a report on Thursday, April 10th. The Goldman Sachs Group raised their target price on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. KeyCorp 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 Thursday, May 8th. Monness Crespi & Hardt raised their target price on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Finally, 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. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Remitly Global currently has an average rating of "Moderate Buy" and a consensus price target of $28.88.

Institutional Trading of Remitly Global

A number of hedge funds and other institutional investors have recently modified their holdings of RELY. Vanguard Group Inc. grew its stake in shares of Remitly Global by 2.1% in 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 last quarter. Alliancebernstein L.P. grew its stake in shares of Remitly Global by 366.8% in the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider's stock worth $106,867,000 after purchasing an additional 4,037,151 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its stake in shares of Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock worth $107,751,000 after purchasing an additional 1,220,806 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Remitly Global by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider's stock worth $79,666,000 after purchasing an additional 49,281 shares during the last quarter. Finally, Norges Bank bought a new stake in Remitly Global during the fourth quarter valued at $66,169,000. Institutional investors own 74.25% of the company's stock.

About Remitly Global

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.