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

Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the sale, the chief executive officer now owns 4,358,679 shares of the company's stock, valued at approximately $109,882,297.59. This represents a 0.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Remitly Global Price Performance

NASDAQ RELY traded down $0.48 on Tuesday, hitting $25.22. 941,382 shares of the stock were exchanged, compared to its average volume of 1,509,851. The business's fifty day moving average is $22.77 and its 200 day moving average is $17.96. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $25.78. The company has a market capitalization of $5.00 billion, a PE ratio of -72.06 and a beta of 0.07.

Hedge Funds Weigh In On Remitly Global

Several institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. grew its stake in shares of Remitly Global by 10,213.8% in the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock valued at $27,058,000 after acquiring an additional 2,001,198 shares in the last quarter. M&T Bank Corp acquired a new position in shares of Remitly Global in the third quarter valued at about $693,000. DHK Financial Advisors Inc. acquired a new position in shares of Remitly Global in the fourth quarter valued at about $273,000. Robeco Institutional Asset Management B.V. grew its stake in shares of 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 acquiring an additional 49,200 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Remitly Global in the third quarter valued at about $628,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Barclays lifted their price target on shares of Remitly Global from $23.00 to $28.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Wells Fargo & Company boosted their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the company an "equal weight" rating in a report on Thursday, January 16th. JMP Securities boosted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a report on Thursday, October 31st. Finally, KeyCorp boosted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $23.75.

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.