Remitly Global, Inc. (NASDAQ:RELY) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lowered its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 41.2% in the third quarter, HoldingsChannel.com reports. The fund owned 2,773,700 shares of the financial services provider’s stock after selling 1,945,974 shares during the quarter. Wellington Management Group LLP’s holdings in Remitly Global were worth $37,140,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Millennium Management LLC increased its stake in shares of Remitly Global by 108.0% during the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock worth $48,333,000 after purchasing an additional 2,071,026 shares in the last quarter. Principal Financial Group Inc. increased its position in Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after buying an additional 2,001,198 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Remitly Global by 74.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock worth $42,280,000 after acquiring an additional 1,487,680 shares during the last quarter. Herr Investment Group LLC purchased a new stake in shares of Remitly Global in the second quarter valued at $9,285,000. Finally, LB Partners LLC acquired a new stake in shares of Remitly Global during the second quarter valued at $5,736,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RELY shares. JPMorgan Chase & Co. raised their price target on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. JMP Securities upped their target price on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. Barclays increased their target price on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $13.00 to $18.00 in a report on Thursday, October 31st. Finally, BMO Capital Markets increased their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $22.75.

Remitly Global Stock Down 1.7 %

Shares of RELY stock opened at $21.36 on Friday. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $22.08. The firm’s 50 day moving average price is $17.87 and its two-hundred day moving average price is $14.89. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of -61.03 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The firm had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. During the same period in the prior year, the company earned ($0.20) EPS. The firm’s revenue was up 39.3% on a year-over-year basis. On average, equities analysts forecast that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the transaction, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at $92,138,849.46. This represents a 0.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the sale, the insider now directly owns 151,576 shares in the company, valued at approximately $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 82,012 shares of company stock valued at $1,435,212. Corporate insiders own 8.10% of the company’s stock.

About Remitly Global

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.