Oak Ridge Investments LLC Sells 30,591 Shares of Remitly Global, Inc. $RELY

Oak Ridge Investments LLC cut its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 36.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 52,469 shares of the financial services provider’s stock after selling 30,591 shares during the quarter. Oak Ridge Investments LLC’s holdings in Remitly Global were worth $724,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Essex Investment Management Co. LLC acquired a new position in Remitly Global during the 3rd quarter worth about $33,000. First Horizon Corp acquired a new stake in Remitly Global in the 3rd quarter valued at about $36,000. GAMMA Investing LLC raised its stake in shares of Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,628 shares during the last quarter. Quarry LP acquired a new position in shares of Remitly Global during the third quarter worth approximately $42,000. Finally, Exchange Traded Concepts LLC lifted its position in shares of Remitly Global by 29.9% during the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 714 shares in the last quarter. 74.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Oppenheimer set a $20.00 price target on shares of Remitly Global in a report on Thursday, February 19th. Wall Street Zen lowered Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Cantor Fitzgerald lifted their target price on Remitly Global from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, February 19th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Finally, Freedom Capital raised Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Remitly Global has an average rating of “Buy” and a consensus target price of $22.78.

Insider Activity

In other news, Director Joshua Hug sold 29,049 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $17.98, for a total transaction of $522,301.02. Following the completion of the transaction, the director directly owned 3,575,733 shares in the company, valued at approximately $64,291,679.34. The trade was a 0.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ankur Sinha sold 9,741 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $16.94, for a total value of $165,012.54. Following the completion of the sale, the insider directly owned 1,180,119 shares of the company’s stock, valued at approximately $19,991,215.86. This trade represents a 0.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 12,084,720 shares of company stock valued at $193,194,734. Insiders own 8.10% of the company’s stock.

Remitly Global Stock Performance

Shares of Remitly Global stock opened at $17.92 on Wednesday. The firm has a fifty day moving average of $15.65 and a two-hundred day moving average of $14.78. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 57.81, a PEG ratio of 0.61 and a beta of 0.09. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.70.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.17. The business had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The firm’s revenue was up 25.7% on a year-over-year basis. During the same period last year, the company earned ($0.03) EPS. As a group, equities research analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Remitly Global Company 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.