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

Hsbc Holdings PLC lessened its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 29.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 170,055 shares of the financial services provider’s stock after selling 69,735 shares during the quarter. Hsbc Holdings PLC’s holdings in Remitly Global were worth $2,347,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Pekin Hardy Strauss Inc. lifted its position in Remitly Global by 581.8% during the 4th quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock worth $1,693,000 after acquiring an additional 104,716 shares during the last quarter. Capelight Capital Asset Management LP bought a new stake in Remitly Global during the fourth quarter valued at about $1,380,000. GSA Capital Partners LLP grew its position in shares of Remitly Global by 1,484.2% in the fourth quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock valued at $4,982,000 after purchasing an additional 338,244 shares during the last quarter. Baillie Gifford & Co. grew its position in shares of Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after purchasing an additional 3,790,210 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its stake in shares of Remitly Global by 44.3% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock worth $13,166,000 after purchasing an additional 292,991 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on RELY shares. Monness Crespi & Hardt boosted their price objective on Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Zacks Research lowered Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Citizens Jmp lifted their price target on Remitly Global from $22.00 to $26.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. KeyCorp upped their price target on Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Finally, The Goldman Sachs Group upped their price target on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Remitly Global currently has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Insider Activity at Remitly Global

In related news, CFO Vikas D. Mehta sold 25,000 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total value of $526,750.00. Following the completion of the transaction, the chief financial officer directly owned 988,004 shares of the company’s stock, valued at $20,817,244.28. This trade represents a 2.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 16,800 shares of Remitly Global stock in a transaction on Monday, June 29th. The stock was sold at an average price of $22.97, for a total transaction of $385,896.00. Following the sale, the director owned 3,385,457 shares in the company, valued at $77,763,947.29. This represents a 0.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 249,188 shares of company stock worth $5,303,878 in the last three months. Company insiders own 6.53% of the company’s stock.

Remitly Global Stock Performance

NASDAQ RELY opened at $23.77 on Friday. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $24.92. The stock has a market cap of $5.01 billion, a PE ratio of 48.51 and a beta of 0.34. The firm has a 50-day simple moving average of $21.58 and a 200 day simple moving average of $17.68.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.11. The firm had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company’s quarterly revenue was up 25.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.05 earnings per share. Research analysts forecast that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

About Remitly Global

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.