SEATTLE—Matthew B. Oppenheimer, CEO of Remitly Global, Inc. (NASDAQ:RELY), sold a total of 50,535 shares of the company’s common stock in two days, with transactions valued at approximately $726,419. These sales were made under a pre-established Rule 10b5-1 business 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 next 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 of Remitly.
In other recent news, Remitly Global Inc. reported strong second-quarter results and an optimistic outlook for 2024. The company saw a 31% increase in revenue, reaching $306 million, and a 36% increase in customers assets to approximately 6.9 million. Adjusted EBITDA was $25 million, reflecting operational growth. In terms of product improvements, Remitly introduced an AI-powered virtual assistant and a new offering for seafarers. The company management also announced the departure of CFO Hemanth Munipalli, with Vikas Mehta taking 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 efficiency and market expansion.
InvestingPro Insights
While Remitly CEO Matthew B. Oppenheimer recently sold a portion of his stock, 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 solid revenue growth, increasing 35.55% over the trailing twelve months to Q2 2024, reaching $1.08 billion. This growth trend is further supported by strong quarterly revenue growth of 30.93% in Q2 2024. These figures align with advice from InvestingPro that net income is expected to grow this year, suggesting a positive trajectory for the company’s financial performance.
Despite recent insider selling, Remitly stock has shown significant near-term momentum. InvestingPro data shows a price return of 13.47% over the past week and a price return of 14.87% over the past three months. This is in line with other advice from InvestingPro that highlights significant profitability over the past week, which may indicate growing investor confidence in the company’s prospects.
It’s worth noting that while Remitly is not currently profitable, with operating income of -$100.72 million in the trailing twelve months, analysts predict the company will be profitable this year, according to a tip from InvestingPro. This expectation, coupled with strong revenue growth, suggests Remitly may be on the path to financial sustainability.
For investors looking for a more comprehensive analysis, InvestingPro offers additional insights and advice. There are currently 5 more InvestingPro tips available for Remitly, providing a deeper understanding of the company’s financial position and market outlook.
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