Cercano Management LLC Reduces Position in Remitly Global, Inc. $RELY

Cercano Management LLC trimmed its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 95.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,768 shares of the financial services provider’s stock after selling 363,319 shares during the period. Cercano Management LLC’s holdings in Remitly Global were worth $315,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Alliancebernstein L.P. grew its stake in 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 valued at $106,867,000 after acquiring an additional 4,037,151 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in shares of Remitly Global during the 1st quarter worth approximately $32,731,000. Nuveen LLC acquired a new stake in shares of Remitly Global in the first quarter valued at approximately $32,703,000. Lord Abbett & CO. LLC increased its holdings in shares of Remitly Global by 103.8% in the first quarter. Lord Abbett & CO. LLC now owns 1,743,496 shares of the financial services provider’s stock valued at $36,265,000 after purchasing an additional 887,859 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in Remitly Global by 20.4% during the first 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 in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on the company. JMP Securities dropped their target price on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating for the company in a report on Monday, September 15th. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th. KeyCorp reaffirmed an “overweight” rating and issued a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Remitly Global from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.88.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 40,777 shares of the firm’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $18.41, for a total transaction of $750,704.57. Following the transaction, the director owned 3,654,288 shares of the company’s stock, valued at approximately $67,275,442.08. This trade represents a 1.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $15.59, for a total value of $227,348.97. Following the completion of the sale, the chief executive officer directly owned 4,515,188 shares of the company’s stock, valued at approximately $70,391,780.92. This trade represents a 0.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 71,943 shares of company stock worth $1,246,238 over the last quarter. 7.50% of the stock is owned by company insiders.

Remitly Global Stock Down 0.6%

RELY stock opened at $12.41 on Friday. The business has a 50 day moving average price of $16.02 and a 200 day moving average price of $18.35. The stock has a market cap of $2.59 billion, a price-to-earnings ratio of 137.89 and a beta of 0.10. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.32.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The company had revenue of $419.49 million for the quarter, compared to analysts’ expectations of $413.73 million. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. The firm’s revenue for the quarter was up 24.7% on a year-over-year basis. During the same quarter last year, the company earned $0.01 earnings per share. Remitly Global has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

About Remitly Global

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.