Remitly Global, Inc. $RELY Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. lowered its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 0.8% during the third quarter, HoldingsChannel reports. The fund owned 16,144,924 shares of the financial services provider’s stock after selling 124,178 shares during the period. Vanguard Group Inc. owned 0.08% of Remitly Global worth $263,162,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Essex Investment Management Co. LLC acquired a new position in Remitly Global in the third quarter valued at $33,000. First Horizon Corp acquired a new stake in Remitly Global during the 3rd quarter valued at $36,000. Exchange Traded Concepts LLC boosted its position in Remitly Global by 29.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock valued at $50,000 after buying an additional 714 shares during the last quarter. AlphaQuest LLC increased its position in shares of Remitly Global by 34.4% during the 3rd quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock valued at $71,000 after purchasing an additional 1,115 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Remitly Global in the 2nd quarter valued at $89,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Remitly Global news, Director Ryno Blignaut sold 4,500 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $12.89, for a total transaction of $58,005.00. Following the transaction, the director directly owned 32,576 shares in the company, valued at $419,904.64. This trade represents a 12.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joshua Hug sold 40,776 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $13.33, for a total transaction of $543,544.08. Following the transaction, the director directly owned 3,654,764 shares in the company, valued at approximately $48,718,004.12. This represents a 1.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 53,276 shares of company stock valued at $722,999 over the last 90 days. Insiders own 7.50% of the company’s stock.

Remitly Global Stock Down 0.8%

RELY stock opened at $16.70 on Friday. The company’s 50 day moving average is $14.02 and its 200 day moving average is $15.28. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 53.87 and a beta of 0.11. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.70.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The firm had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. During the same quarter in the prior year, the firm earned ($0.03) EPS. The business’s revenue for the quarter was up 25.7% compared to the same quarter last year. Sell-side analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RELY has been the topic of a number of research reports. Citizens Jmp upped their price target on shares of Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Thursday, February 19th. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 19th. Wall Street Zen upgraded shares of Remitly Global from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. The Goldman Sachs Group boosted their price objective on Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, February 19th. Finally, Bank of America assumed coverage on shares of Remitly Global in a research report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Remitly Global presently has an average rating of “Buy” and an average price target of $22.78.

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.