Hsbc Holdings PLC Has $2.35 Million Position in Remitly Global, Inc. $RELY

Hsbc Holdings PLC cut its position in Remitly Global, Inc. (NASDAQ:RELY) by 29.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 170,055 shares of the financial services provider’s stock after selling 69,735 shares during the quarter. Hsbc Holdings PLC owned about 0.08% of Remitly Global worth $2,347,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. lifted its holdings in shares of Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after buying an additional 3,790,210 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after acquiring an additional 2,567,446 shares in the last quarter. Marshall Wace LLP increased its position in Remitly Global by 74.4% during the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock worth $74,966,000 after acquiring an additional 1,962,076 shares during the period. Azora Capital LP bought a new position in Remitly Global during the third quarter worth about $31,213,000. Finally, Capital International Investors acquired a new stake in Remitly Global in the 4th quarter worth about $24,328,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Ankur Sinha sold 7,596 shares of Remitly Global stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $160,047.72. Following the sale, the insider directly owned 1,222,718 shares of the company’s stock, valued at approximately $25,762,668.26. The trade was a 0.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joshua Hug sold 16,033 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $20.76, for a total transaction of $332,845.08. Following the transaction, the director owned 3,402,257 shares of the company’s stock, valued at approximately $70,630,855.32. This represents a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 243,818 shares of company stock worth $5,093,447 in the last quarter. Corporate insiders own 6.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. KeyCorp lifted their price target on shares of Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Monness Crespi & Hardt boosted their price target on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, Weiss Ratings raised Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and a consensus target price of $24.62.

Remitly Global Stock Performance

Shares of RELY opened at $22.79 on Tuesday. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.92. The firm has a market cap of $4.80 billion, a price-to-earnings ratio of 46.51 and a beta of 0.37. The business’s fifty day moving average is $21.12 and its 200-day moving average is $17.14.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.11. The business had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.Remitly Global’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.05 EPS. As a group, research analysts forecast that Remitly Global, Inc. will post 0.62 EPS for the current fiscal year.

Remitly Global Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.