Oak Ridge Investments LLC reduced its stake in shares of Remitly Global, Inc. (NASDAQ:RELY – Free Report) by 4.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 83,882 shares of the financial services provider’s stock after selling 3,862 shares during the quarter. Oak Ridge Investments LLC’s holdings in Remitly Global were worth $1,574,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Remitly Global by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider’s stock worth $311,109,000 after buying an additional 306,099 shares during the period. Alliancebernstein L.P. grew its position in shares of Remitly Global by 366.8% during the 1st quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock worth $106,867,000 after buying an additional 4,037,151 shares during the period. Deutsche Bank AG grew its position in shares of Remitly Global by 20.4% during the 1st quarter. Deutsche Bank AG now owns 2,371,335 shares of the financial services provider’s stock worth $49,324,000 after buying an additional 402,417 shares during the period. Lord Abbett & CO. LLC grew its position in shares of Remitly Global by 103.8% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,743,496 shares of the financial services provider’s stock worth $36,265,000 after buying an additional 887,859 shares during the period. Finally, Driehaus Capital Management LLC acquired a new position in shares of Remitly Global during the 1st quarter worth about $32,731,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Remitly Global
In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the sale, the insider owned 182,926 shares in the company, valued at approximately $3,658,520. The trade was a 2.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Phillip John Riese sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the sale, the director owned 112,496 shares in the company, valued at $2,249,920. The trade was a 4.26% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 93,943 shares of company stock worth $1,720,993. 7.50% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
View Our Latest Stock Report on Remitly Global
Remitly Global Stock Performance
NASDAQ RELY opened at $14.99 on Friday. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of 249.87 and a beta of 0.10. The stock’s 50 day moving average price is $17.83 and its two-hundred day moving average price is $19.21. Remitly Global, Inc. has a 52 week low of $12.57 and a 52 week high of $27.32.
Remitly Global (NASDAQ:RELY – Get Free Report) last released its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). The firm had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The company’s revenue was up 34.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.06) EPS. On average, equities research analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current 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.
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