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Matthew B. Oppenheimer, the Chief Executive Officer of Remitly Global , Inc. (NASDAQ:RELY), recently sold shares worth approximately $740,087. The sales come as the company’s stock trades near its 52-week high of $25.73, having surged over 90% in the past six months. According to a Form 4 filing with the Securities and Exchange Commission, the sales occurred on February 5 and 6, 2025, involving a total of 29,166 shares. The transactions were executed at prices ranging from $25.21 to $25.54 per share.
These sales were conducted automatically under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell shares. After these transactions, Oppenheimer still holds 4,344,096 shares of Remitly Global, which currently has a market capitalization of $5.05 billion. According to InvestingPro analysis, the stock appears to be trading above its Fair Value, with 12 additional ProTips available for subscribers.
In other recent news, BMO Capital Markets maintained an Outperform rating on Remitly Global Inc, with a steady price target of $27. The endorsement is based on the expected robust customer growth for the digital remittance provider. Despite a slight deceleration in app download and monthly active user growth, Remitly continues to outperform its competitors, according to BMO Capital’s analysis.
On another note, Citi analyst Andrew Schmidt increased the price target on Remitly to $28 from the previous $25, while maintaining a Buy rating. Schmidt’s revised financial model reflects slight adjustments to revenue projections due to adverse foreign exchange effects. Despite potential marginally lower reported revenues by 2025, Schmidt remains confident in Remitly’s capacity to achieve low-to-mid-twenties or higher revenue growth along with enhanced profitability.
In other developments, Remitly Global disclosed a new consulting agreement with outgoing Executive Vice President Rene Yoakum. Under the agreement, which commences in 2025, Yoakum will provide consulting services to the company until the end of 2026, with benefits including the vesting of stock options and restricted stock units, and coverage of healthcare costs. These recent developments highlight Remitly’s strategic moves and financial prospects.
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