Hsbc Holdings PLC Sells 31,217 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Hsbc Holdings PLC decreased its stake in Remitly Global, Inc. (NASDAQ:RELY) by 15.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 168,544 shares of the financial services provider’s stock after selling 31,217 shares during the period. Hsbc Holdings PLC owned about 0.09% of Remitly Global worth $3,802,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in RELY. Vanguard Group Inc. increased its stake in Remitly Global by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider’s stock valued at $330,674,000 after acquiring an additional 380,159 shares during the last quarter. Baillie Gifford & Co. increased its position in shares of Remitly Global by 1.6% during the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock valued at $211,827,000 after purchasing an additional 150,602 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Remitly Global by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock valued at $79,666,000 after buying an additional 49,281 shares in the last quarter. Norges Bank bought a new stake in Remitly Global in the 4th quarter worth approximately $66,169,000. Finally, Dimensional Fund Advisors LP boosted its stake in Remitly Global by 6.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,257,182 shares of the financial services provider’s stock worth $50,946,000 after buying an additional 128,366 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Insider Buying and Selling

In related news, insider Joshua Hug sold 10,000 shares of the company’s stock in a transaction on Monday, April 21st. The stock was sold at an average price of $19.23, for a total value of $192,300.00. Following the sale, the insider now directly owns 3,813,811 shares of the company’s stock, valued at $73,339,585.53. This represents a 0.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now directly owns 397,805 shares of the company’s stock, valued at $7,562,273.05. This represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,166 shares of company stock valued at $1,133,685 over the last three months. Corporate insiders own 8.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RELY shares. JMP Securities reissued a “market outperform” rating and set a $32.00 price target on shares of Remitly Global in a research note on Thursday, April 10th. BMO Capital Markets boosted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. raised their price objective 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 dropped their target price on Remitly Global from $33.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Finally, William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.50.

Remitly Global Price Performance

RELY opened at $20.41 on Wednesday. The firm has a market capitalization of $4.09 billion, a price-to-earnings ratio of -107.42 and a beta of 0.15. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32. The business has a 50 day simple moving average of $20.89 and a two-hundred day simple moving average of $21.07.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. As a group, sell-side analysts expect 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.