SEATTLE—Matthew B. Oppenheimer, Chief Executive Officer of Remitly Global, Inc. (NASDAQ:RELY), sold a total of 50,535 shares of the company's common stock over two days, with the transactions valued at approximately $726,419. These sales were conducted under a pre-established Rule 10b5-1 trading plan.
On October 17, Oppenheimer sold 40,119 shares at a weighted average price of $14.22, with prices ranging from $14.00 to $14.43. The following day, October 18, he sold an additional 10,416 shares at a weighted average price of $14.97, with prices ranging from $14.79 to $15.08.
Following these transactions, Oppenheimer retains direct ownership of 4,532,197 shares in Remitly.
In other recent news, Remitly Global Inc. reported strong Q2 results and an optimistic outlook for 2024. The company saw a 31% increase in revenue, reaching $306 million, and a 36% rise in active customers to approximately 6.9 million. Adjusted EBITDA stood at $25 million, reflecting operational growth. In terms of product enhancements, Remitly introduced an AI-powered virtual assistant and a new offering for seafarers. The company's management also announced the departure of CFO Hemanth Munipalli, with Vikas Mehta set to take over. Looking ahead, Remitly expects 2024 revenue to be between $1.23 billion and $1.25 billion, and adjusted EBITDA between $90 million and $100 million. These recent developments underscore the company's commitment to growth and customer acquisition, as well as its strategic focus on operational efficiencies and market expansion.
InvestingPro Insights
While Remitly's CEO Matthew B. Oppenheimer has recently sold a portion of his shares, InvestingPro data reveals some interesting aspects of the company's financial health and market performance. Remitly's market capitalization stands at $2.81 billion, reflecting its significant presence in the fintech sector.
The company has shown robust revenue growth, with a 35.55% increase over the last twelve months as of Q2 2024, reaching $1.08 billion. This growth trend is further supported by a strong quarterly revenue growth of 30.93% in Q2 2024. These figures align with an InvestingPro Tip indicating that net income is expected to grow this year, suggesting a positive trajectory for the company's financial performance.
Despite the recent insider selling, Remitly's stock has demonstrated significant short-term momentum. InvestingPro data shows a 13.47% price return over the past week and a 14.87% return over the last three months. This aligns with another InvestingPro Tip highlighting a significant return over the last week, which may indicate growing investor confidence in the company's prospects.
It's worth noting that while Remitly is not currently profitable, with an operating income of -$100.72 million over the last twelve months, analysts predict the company will be profitable this year, according to an InvestingPro Tip. This expectation, coupled with the strong revenue growth, suggests that Remitly may be on a path to financial sustainability.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 5 more InvestingPro Tips available for Remitly, providing a deeper understanding of the company's financial position and market outlook.
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