Wellington Management Group LLP lessened its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 41.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,773,700 shares of the financial services provider's stock after selling 1,945,974 shares during the period. Wellington Management Group LLP owned about 1.40% of Remitly Global worth $37,140,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. The Manufacturers Life Insurance Company boosted its holdings in Remitly Global by 1.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider's stock worth $1,159,000 after buying an additional 1,170 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Remitly Global by 7.1% in the second quarter. Principal Financial Group Inc. now owns 19,593 shares of the financial services provider's stock valued at $237,000 after buying an additional 1,296 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of Remitly Global by 3.7% in the second quarter. Arizona State Retirement System now owns 39,579 shares of the financial services provider's stock worth $480,000 after buying an additional 1,415 shares in the last quarter. Advisors Asset Management Inc. boosted its position in Remitly Global by 58.7% during the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock worth $53,000 after acquiring an additional 1,466 shares during the last quarter. Finally, FMR LLC grew its position in shares of Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock valued at $93,000 after purchasing an additional 1,970 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.
Shares of RELY opened at $21.36 on Friday. The company's 50-day simple moving average is $17.87 and its 200-day simple moving average is $14.89. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $22.08. The stock has a market capitalization of $4.23 billion, a PE ratio of -61.03 and a beta of 0.10.
Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.06) by $0.07. The company had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The firm's quarterly revenue was up 39.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.20) EPS. On average, sell-side analysts predict that Remitly Global, Inc. will post -0.23 earnings per share for the current year.
A number of research firms have weighed in on RELY. Wells Fargo & Company raised Remitly Global from an "underweight" rating to an "equal weight" rating and boosted their price objective for the stock from $13.00 to $18.00 in a research note on Thursday, October 31st. Barclays lifted their price target on shares of Remitly Global from $20.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, November 18th. JMP Securities increased their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a research report on Thursday, October 31st. BMO Capital Markets raised their target price on Remitly Global from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 18th. Finally, KeyCorp upped their price target on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Remitly Global currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.75.
Read Our Latest Stock Analysis on RELY
In other news, insider Pankaj Sharma sold 4,000 shares of the company's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now owns 151,576 shares in the company, valued at approximately $3,031,520. This represents a 2.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction of $304,201.38. Following the sale, the chief executive officer now owns 4,417,011 shares in the company, valued at $92,138,849.46. This represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 82,012 shares of company stock valued at $1,435,212 in the last three months. 8.10% of the stock is owned by corporate insiders.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Remitly Global, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Remitly Global wasn't on the list.
While Remitly Global currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.