Wellington Management Group LLP Has $46.23 Million Stake in Remitly Global, Inc. (NASDAQ:RELY)

Wellington Management Group LLP trimmed its position in Remitly Global, Inc. (NASDAQ:RELY) by 26.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,048,451 shares of the financial services provider’s stock after selling 725,249 shares during the period. Wellington Management Group LLP owned approximately 1.03% of Remitly Global worth $46,234,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. CIBC Private Wealth Group LLC bought a new stake in Remitly Global in the 4th quarter valued at approximately $1,647,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Remitly Global in the fourth quarter valued at approximately $7,700,000. Pictet Asset Management Holding SA lifted its position in shares of Remitly Global by 354.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 208,010 shares of the financial services provider’s stock worth $4,695,000 after purchasing an additional 162,248 shares in the last quarter. Norges Bank acquired a new position in Remitly Global during the fourth quarter worth $66,169,000. Finally, Blair William & Co. IL grew its position in Remitly Global by 24.6% in the fourth quarter. Blair William & Co. IL now owns 245,131 shares of the financial services provider’s stock valued at $5,533,000 after purchasing an additional 48,447 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on RELY shares. Wells Fargo & Company increased their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. raised their price target on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. The Goldman Sachs Group lowered their price target on Remitly Global from $33.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday. BMO Capital Markets increased their price objective on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Finally, William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Remitly Global has a consensus rating of “Moderate Buy” and a consensus target price of $27.25.

Insider Transactions at Remitly Global

In other news, insider Ankur Sinha sold 5,000 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the transaction, the chief executive officer now directly owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. This represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 48,749 shares of company stock worth $1,081,736 over the last quarter. Company insiders own 8.10% of the company’s stock.

Remitly Global Price Performance

RELY stock opened at $18.66 on Friday. The company has a fifty day moving average price of $22.79 and a two-hundred day moving average price of $20.28. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of -98.21 and a beta of 0.15.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. Research analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Remitly Global Profile

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.