Remitly Global, Inc. (NASDAQ:RELY) CEO Sells $304,201.38 in Stock

Remitly Global, Inc. (NASDAQ:RELY) CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the transaction, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Remitly Global Price Performance

NASDAQ:RELY opened at $20.74 on Friday. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $22.08. The firm has a market capitalization of $4.11 billion, a PE ratio of -59.26 and a beta of 0.10. The business’s fifty day moving average price is $18.02 and its 200 day moving average price is $14.94.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The business had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business’s revenue for the quarter was up 39.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.20) EPS. As a group, equities analysts anticipate that Remitly Global, Inc. will post -0.23 EPS for the current year.

Institutional Trading of Remitly Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its position in shares of Remitly Global by 108.0% in the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after buying an additional 2,071,026 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Remitly Global by 4.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock valued at $48,980,000 after acquiring an additional 169,454 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its holdings in shares of Remitly Global by 13.8% during the third quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock worth $47,578,000 after purchasing an additional 431,987 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Remitly Global by 3.2% during the third quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock worth $46,601,000 after purchasing an additional 107,468 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Remitly Global by 25.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock worth $25,843,000 after purchasing an additional 435,827 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RELY. JPMorgan Chase & Co. raised their price objective on shares of Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. BMO Capital Markets boosted their price target on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th. KeyCorp upped their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. JMP Securities lifted their target price on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. Finally, Barclays upped their price target on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.75.

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.