Remitly Global, Inc. $RELY Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP decreased its stake in Remitly Global, Inc. (NASDAQ:RELY) by 2.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,842,041 shares of the financial services provider’s stock after selling 62,592 shares during the period. Wellington Management Group LLP owned 1.34% of Remitly Global worth $63,690,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Remitly Global by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after acquiring an additional 3,870 shares during the period. Millennium Management LLC boosted its stake in shares of Remitly Global by 57.1% during the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after acquiring an additional 124,798 shares in the last quarter. Caxton Associates LLP purchased a new position in Remitly Global during the 1st quarter valued at about $218,000. Focus Partners Wealth bought a new stake in Remitly Global in the first quarter worth approximately $1,458,000. Finally, Cetera Investment Advisers grew its position in Remitly Global by 12.0% in the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 1,286 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RELY. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. The Goldman Sachs Group boosted their price target on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Finally, Wolfe Research upped their price target on Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Remitly Global currently has an average rating of “Buy” and a consensus target price of $27.78.

Remitly Global Trading Up 4.3%

Shares of Remitly Global stock opened at $26.82 on Thursday. The firm has a fifty day simple moving average of $24.33 and a 200-day simple moving average of $20.67. The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of 19.30 and a beta of 0.36. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. The business had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. Remitly Global’s revenue was up 20.2% compared to the same quarter last year. During the same period last year, the business posted $0.03 EPS. As a group, research analysts predict that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Insider Activity at Remitly Global

In related news, Director Joshua Hug sold 5,500 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $23.65, for a total transaction of $130,075.00. Following the completion of the transaction, the director owned 2,675,389 shares of the company’s stock, valued at approximately $63,272,949.85. The trade was a 0.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total value of $653,750.00. Following the sale, the chief financial officer owned 943,735 shares of the company’s stock, valued at approximately $24,678,670.25. The trade was a 2.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 502,771 shares of company stock valued at $12,328,147. 6.53% of the stock is owned by corporate insiders.

About Remitly Global

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.