Remitly Global, Inc. $RELY Shares Sold by Siren L.L.C.

Siren L.L.C. lessened its stake in Remitly Global, Inc. (NASDAQ:RELY) by 4.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 1,543,271 shares of the financial services provider’s stock after selling 75,000 shares during the period. Siren L.L.C.’s holdings in Remitly Global were worth $24,183,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in RELY. Baillie Gifford & Co. increased its position in shares of Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after purchasing an additional 3,790,210 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after purchasing an additional 2,567,446 shares during the period. Marshall Wace LLP boosted its position in shares of Remitly Global by 74.4% in the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after purchasing an additional 1,962,076 shares during the period. Capital International Investors purchased a new position in Remitly Global during the 4th quarter worth approximately $24,328,000. Finally, UBS Group AG grew its stake in Remitly Global by 189.7% during the 3rd quarter. UBS Group AG now owns 2,418,069 shares of the financial services provider’s stock worth $39,415,000 after buying an additional 1,583,432 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on RELY shares. KeyCorp lifted their price target on Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Monness Crespi & Hardt raised their target price on shares of Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Citigroup restated 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 report on Wednesday, June 3rd. Finally, The Goldman Sachs Group upped their price target on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. One investment 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $25.50.

Remitly Global Stock Down 1.0%

NASDAQ RELY opened at $22.87 on Friday. The firm has a market cap of $4.82 billion, a P/E ratio of 46.67 and a beta of 0.34. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $25.75. The business’s 50-day moving average price is $21.65 and its 200 day moving average price is $18.33.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating 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 firm had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. During the same period in the prior year, the business earned $0.05 EPS. The firm’s revenue was up 25.2% compared to the same quarter last year. As a group, analysts anticipate that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Bora Chung sold 12,000 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total transaction of $257,040.00. Following the completion of the sale, the director directly owned 125,317 shares of the company’s stock, valued at $2,684,290.14. This trade represents a 8.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ankur Sinha sold 7,596 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 transaction of $160,047.72. Following the completion of the transaction, the insider owned 1,222,718 shares in the company, valued at approximately $25,762,668.26. This trade represents a 0.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. In the last 90 days, insiders have sold 187,188 shares of company stock valued at $4,087,718. 6.53% of the stock is owned by company insiders.

Remitly Global 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.