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

Remitly Global, Inc. (NASDAQ:RELY) CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.31, for a total value of $281,597.73. Following the completion of the transaction, the chief executive officer now owns 4,329,513 shares of the company’s stock, valued at $83,602,896.03. This represents a 0.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Remitly Global Stock Performance

Shares of Remitly Global stock traded up $0.78 on Wednesday, hitting $20.27. 1,985,129 shares of the company traded hands, compared to its average volume of 1,761,627. The business has a 50-day simple moving average of $23.40 and a 200 day simple moving average of $19.70. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The stock has a market capitalization of $4.07 billion, a P/E ratio of -106.68 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. Research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RELY. Barclays raised their price target on shares of Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, February 24th. BMO Capital Markets increased their price target on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Wells Fargo & Company lifted their price objective on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. increased their target price on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.13.

Institutional Trading of Remitly Global

Hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC bought a new stake in Remitly Global in the fourth quarter worth $28,000. Advisors Asset Management Inc. raised its position in shares of Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after buying an additional 1,466 shares in the last quarter. Assetmark Inc. bought a new position in shares of Remitly Global in the 3rd quarter valued at about $76,000. R Squared Ltd bought a new stake in Remitly Global during the fourth quarter worth approximately $89,000. Finally, FMR LLC raised its position in Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 1,970 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

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.