Insider Selling: Remitly Global (NASDAQ:RELY) CEO Sells 14,583 Shares of Stock

Key Points

• CEO Matthew Oppenheimer of Remitly Global sold 14,583 shares at an average price of $15.59, totaling approximately $227,349, reducing his ownership by 0.32% to 4,515,188 shares.
• The company reported a $0.04 EPS, missing analyst expectations of $0.18, despite a revenue increase of 34.4% year-over-year, totaling $411.85 million.
• Analysts have mixed ratings for Remitly, with eight buy ratings, two hold ratings, and one sell rating, indicating a consensus rating of "Moderate Buy" and an average price target of $27.25.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) CEO Matthew Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $15.59, for a total transaction of $227,348.97. Following the sale, the chief executive officer directly owned 4,515,188 shares in the company, valued at $70,391,780.92. The trade was a 0.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Remitly Global Price Performance

RELY stock traded up $0.29 on Friday, reaching $15.59. 2,904,369 shares of the company traded hands, compared to its average volume of 3,002,486. The firm has a fifty day simple moving average of $17.69 and a 200-day simple moving average of $19.06. The company has a market cap of $3.21 billion, a P/E ratio of 259.88 and a beta of 0.10. Remitly Global, Inc. has a one year low of $14.28 and a one year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.14). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The business had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. During the same period in the previous year, the business posted ($0.06) EPS. The firm's revenue for the quarter was up 34.4% on a year-over-year basis. On average, sell-side analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. JMP Securities cut their price target on Remitly Global from $32.00 to $23.00 and set a "market outperform" rating for the company in a research note on Monday, September 15th. William Blair reaffirmed an "outperform" rating on shares of Remitly Global in a report on Friday, October 10th. KeyCorp reiterated an "overweight" rating and issued a $28.00 price target (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday, September 7th. Finally, Zacks Research cut Remitly Global from a "strong-buy" rating to a "hold" rating in a report on Monday, October 6th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $27.25.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors have recently added to or reduced their stakes in RELY. Inspire Investing LLC purchased a new position in shares of Remitly Global in the second quarter worth $769,000. Osterweis Capital Management Inc. bought a new stake in Remitly Global during the first quarter worth approximately $7,566,000. Teacher Retirement System of Texas purchased a new position in shares of Remitly Global in the 1st quarter worth approximately $1,231,000. Intech Investment Management LLC increased its position in shares of Remitly Global by 53.0% during the 1st quarter. Intech Investment Management LLC now owns 92,850 shares of the financial services provider's stock valued at $1,931,000 after purchasing an additional 32,150 shares during the last quarter. Finally, Ascent Group LLC bought a new stake in Remitly Global in the first quarter worth $304,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.

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