Principal Financial Group Inc. Has $194,000 Position in Remitly Global, Inc. $RELY

Principal Financial Group Inc. cut its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 97.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,380 shares of the financial services provider’s stock after selling 533,359 shares during the period. Principal Financial Group Inc.’s holdings in Remitly Global were worth $194,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pekin Hardy Strauss Inc. grew its stake in Remitly Global by 581.8% during the fourth quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock worth $1,693,000 after purchasing an additional 104,716 shares during the period. Capelight Capital Asset Management LP bought a new stake in Remitly Global in the fourth quarter worth approximately $1,380,000. GSA Capital Partners LLP lifted its stake in Remitly Global by 1,484.2% in the fourth quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock valued at $4,982,000 after buying an additional 338,244 shares during the period. Baillie Gifford & Co. lifted its stake in Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after buying an additional 3,790,210 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Remitly Global by 44.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock worth $13,166,000 after buying an additional 292,991 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Remitly Global

In related news, CFO Vikas D. Mehta sold 25,000 shares of Remitly Global stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $526,750.00. Following the completion of the sale, the chief financial officer owned 988,004 shares of the company’s stock, valued at approximately $20,817,244.28. This trade represents a 2.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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. Also, insider Ankur Sinha sold 7,596 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $160,047.72. Following the sale, the insider owned 1,222,718 shares of the company’s stock, valued at $25,762,668.26. This trade represents a 0.62% 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. Insiders sold 170,388 shares of company stock valued at $3,725,510 over the last three months. 6.53% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently commented on RELY. Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday, July 16th. Weiss Ratings raised shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. The Goldman Sachs Group increased their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Finally, Citizens Jmp raised their price target on shares of Remitly Global from $26.00 to $30.00 and gave the stock a “market outperform” rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and an average price target of $25.50.

Remitly Global Stock Performance

RELY stock opened at $22.77 on Friday. The stock’s 50 day simple moving average is $21.82 and its 200 day simple moving average is $18.70. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $25.75. The company has a market cap of $4.79 billion, a P/E ratio of 46.47 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. During the same quarter in the prior year, the company earned $0.05 earnings per share. The company’s quarterly revenue was up 25.2% on a year-over-year basis. Equities analysts predict that Remitly Global, Inc. will post 0.62 earnings per share 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.