Pictet Asset Management Holding SA Reduces Stock Position in Remitly Global, Inc. $RELY

Pictet Asset Management Holding SA trimmed its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 59.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 95,323 shares of the financial services provider’s stock after selling 137,426 shares during the period. Pictet Asset Management Holding SA’s holdings in Remitly Global were worth $1,315,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in RELY. Baillie Gifford & Co. grew 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 buying an additional 3,790,210 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after acquiring an additional 2,567,446 shares in the last quarter. ArrowMark Colorado Holdings LLC raised its holdings in Remitly Global by 46.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock valued at $90,159,000 after acquiring an additional 1,748,576 shares in the last quarter. Marshall Wace LLP boosted its stake in Remitly Global by 74.4% during 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 acquiring an additional 1,962,076 shares during the last quarter. Finally, State Street Corp boosted its stake in Remitly Global by 4.5% during the 2nd quarter. State Street Corp now owns 3,442,163 shares of the financial services provider’s stock valued at $64,609,000 after acquiring an additional 146,768 shares during the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RELY. Citizens Jmp boosted their target price on shares of Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 19th. Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Zacks Research downgraded Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Citigroup restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 19th. Finally, Bank of America assumed coverage on Remitly Global in a report on Tuesday, February 10th. They set a “buy” rating and a $18.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.67.

Remitly Global Stock Down 0.1%

Shares of Remitly Global stock opened at $23.75 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.70. The business’s fifty day moving average price is $17.54 and its two-hundred day moving average price is $15.26. The company has a market capitalization of $4.99 billion, a P/E ratio of 76.60, a PEG ratio of 0.84 and a beta of 0.40.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.17. The company had revenue of $442.18 million during the quarter, compared to analysts’ expectations of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The company’s revenue for the quarter was up 25.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.03) earnings per share. As a group, research analysts forecast that Remitly Global, Inc. will post 0.51 EPS for the current year.

Insider Transactions at Remitly Global

In other Remitly Global news, Director Phillip John Riese sold 40,000 shares of the business’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $20.04, for a total transaction of $801,600.00. Following the sale, the director directly owned 122,496 shares in the company, valued at approximately $2,454,819.84. The trade was a 24.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joshua Hug sold 29,049 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $17.98, for a total transaction of $522,301.02. Following the completion of the sale, the director directly owned 3,575,733 shares of the company’s stock, valued at approximately $64,291,679.34. This represents a 0.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,163,520 shares of company stock worth $194,773,102 over the last ninety days. Insiders own 6.53% of the company’s stock.

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.