Remitly Global, Inc. $RELY Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership trimmed its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 1.4% in the 1st quarter, HoldingsChannel reports. The fund owned 4,737,471 shares of the financial services provider’s stock after selling 67,926 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Remitly Global were worth $74,236,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Summit Securities Group LLC acquired a new position in shares of Remitly Global in the 1st quarter valued at $26,000. Torren Management LLC acquired a new stake in shares of Remitly Global during the 4th quarter worth about $25,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Remitly Global during the 4th quarter worth about $28,000. GAMMA Investing LLC raised its holdings in Remitly Global by 280.2% in the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after buying an additional 1,628 shares during the period. Finally, HighMark Wealth Management LLC purchased a new stake in Remitly Global in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insider Buying and Selling at Remitly Global

In other news, Director Joshua Hug sold 16,800 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $22.97, for a total value of $385,896.00. Following the sale, the director directly owned 3,385,457 shares in the company, valued at approximately $77,763,947.29. This trade represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ankur Sinha sold 7,596 shares of Remitly Global stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $160,047.72. Following the completion of the transaction, the insider owned 1,222,718 shares of the company’s stock, valued at approximately $25,762,668.26. This trade represents a 0.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. In the last ninety days, insiders have sold 187,188 shares of company stock valued at $4,087,718. Insiders own 6.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Citizens Jmp upped their target price on shares of Remitly Global from $26.00 to $30.00 and gave the company a “market outperform” rating in a research report on Thursday, July 16th. Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. Weiss Ratings raised shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. KeyCorp upped their price objective on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Finally, Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.50.

Remitly Global Stock Performance

Shares of RELY stock opened at $22.53 on Monday. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $25.75. The company has a 50 day moving average price of $21.65 and a 200 day moving average price of $18.40. The stock has a market capitalization of $4.74 billion, a P/E ratio of 45.98 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The company had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. During the same period in the prior year, the business earned $0.05 EPS. The firm’s quarterly revenue was up 25.2% on a year-over-year basis. On average, 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.