Insider Selling: Remitly Global, Inc. (NASDAQ:RELY) CEO Sells $337,450.62 in Stock

Remitly Global, Inc. (NASDAQ:RELY) CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total value of $337,450.62. Following the sale, the chief executive officer now owns 4,387,845 shares of the company’s stock, valued at approximately $101,534,733.30. The trade was a 0.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $23.02 on Monday. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $23.74. The stock has a market cap of $4.56 billion, a P/E ratio of -65.77 and a beta of 0.07. The firm has a 50 day moving average price of $21.94 and a 200 day moving average price of $17.11.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.07. The company had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The firm’s revenue was up 39.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.20) EPS. Analysts predict that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RELY. JMP Securities boosted their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. KeyCorp boosted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Wells Fargo & Company raised their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Finally, Barclays upped their target price on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.13.

Institutional Investors Weigh In On Remitly Global

Several large investors have recently modified their holdings of RELY. LB Partners LLC grew its position in shares of Remitly Global by 21.1% in the 4th quarter. LB Partners LLC now owns 573,270 shares of the financial services provider’s stock valued at $12,939,000 after purchasing an additional 100,000 shares during the period. Robeco Institutional Asset Management B.V. lifted its stake in Remitly Global by 8.8% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock valued at $13,689,000 after buying an additional 49,200 shares in the last quarter. R Squared Ltd acquired a new position in shares of Remitly Global in the fourth quarter valued at approximately $89,000. DHK Financial Advisors Inc. bought a new stake in shares of Remitly Global during the fourth quarter worth $273,000. Finally, KBC Group NV raised its holdings in shares of Remitly Global by 49.7% during the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 2,033 shares during the period. 74.25% of the stock is currently owned by 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.