Remitly Global (NASDAQ:RELY) CEO Sells $243,244.44 in Stock

Key Points

• Matthew Oppenheimer, CEO of Remitly Global, sold 14,583 shares of stock worth $243,244.44, reducing his ownership by 0.32% to approximately $75.8 million.
• Remitly Global's stock price decreased 0.2% to $16.25, with a market cap of $3.35 billion and a year trading range between $12.43 and $27.32.
• The company reported a quarterly revenue increase of 34.4% year-over-year, though it missed earnings per share estimates, posting $0.04 EPS against a consensus of $0.18.

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) CEO Matthew Oppenheimer sold 14,583 shares of the firm's stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $16.68, for a total value of $243,244.44. Following the completion of the sale, the chief executive officer owned 4,544,354 shares of the company's stock, valued at approximately $75,799,824.72. This represents a 0.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Remitly Global Stock Down 0.2%

RELY traded down $0.04 during trading on Thursday, reaching $16.25. The company had a trading volume of 3,864,731 shares, compared to its average volume of 3,037,367. The stock has a market cap of $3.35 billion, a P/E ratio of 270.88 and a beta of 0.13. The business has a 50 day simple moving average of $18.06 and a 200-day simple moving average of $19.57. Remitly Global, Inc. has a 52 week low of $12.43 and a 52 week high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.14). The company had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The firm's quarterly revenue was up 34.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.06) earnings per share. As a group, equities research analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Remitly Global

A number of institutional investors and hedge funds have recently modified their holdings of RELY. Squarepoint Ops LLC lifted its holdings in shares of Remitly Global by 42.1% during the fourth quarter. Squarepoint Ops LLC now owns 37,893 shares of the financial services provider's stock worth $855,000 after purchasing an additional 11,219 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Remitly Global by 30.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 314,714 shares of the financial services provider's stock worth $7,103,000 after purchasing an additional 72,687 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of Remitly Global during the fourth quarter worth about $211,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Remitly Global during the fourth quarter worth about $15,120,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Remitly Global by 2,744.4% during the first quarter. GAMMA Investing LLC now owns 17,493 shares of the financial services provider's stock worth $364,000 after purchasing an additional 16,878 shares during the period. Institutional investors and hedge funds own 74.25% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Wall Street Zen upgraded Remitly Global from a "hold" rating to a "buy" rating in a research note on Sunday, September 7th. KeyCorp restated an "overweight" rating and set a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Finally, JMP Securities cut their price target on Remitly Global from $32.00 to $23.00 and set a "market outperform" rating on the stock in a research note on Monday, September 15th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $27.88.

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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