UBS Group AG Reduces Stake in Remitly Global, Inc. $RELY

UBS Group AG reduced its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 33.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,606,421 shares of the financial services provider’s stock after selling 811,648 shares during the period. UBS Group AG’s holdings in Remitly Global were worth $22,169,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the business. Quent Capital LLC acquired a new position in Remitly Global during the fourth quarter valued at $414,000. Universal Beteiligungs und Servicegesellschaft mbH grew its position in 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 purchasing an additional 292,991 shares during the period. Brighton Jones LLC raised its stake in shares of Remitly Global by 1.5% during the 4th quarter. Brighton Jones LLC now owns 337,522 shares of the financial services provider’s stock valued at $4,658,000 after buying an additional 4,952 shares during the last quarter. CWM LLC lifted its holdings in shares of Remitly Global by 961.9% in the 4th quarter. CWM LLC now owns 33,258 shares of the financial services provider’s stock valued at $459,000 after buying an additional 30,126 shares during the period. Finally, KBC Group NV boosted its stake in shares of Remitly Global by 52.4% in the fourth quarter. KBC Group NV now owns 6,918 shares of the financial services provider’s stock worth $95,000 after buying an additional 2,380 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

RELY has been the topic of several analyst reports. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday. Cantor Fitzgerald upped their price objective on Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday. The Goldman Sachs Group reaffirmed a “buy” rating and set a $27.00 price objective on shares of Remitly Global in a research note on Thursday. Oppenheimer set a $20.00 target price on shares of Remitly Global in a report on Thursday, February 19th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and an average price target of $24.63.

Insider Buying and Selling at Remitly Global

In related news, insider Ltd Naspers sold 12,000,000 shares of the firm’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $15.98, for a total value of $191,760,000.00. Following the transaction, the insider directly owned 13,441,745 shares of the company’s stock, valued at approximately $214,799,085.10. This trade represents a 47.17% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Phillip John Riese sold 40,000 shares of Remitly Global stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $20.04, for a total value of $801,600.00. Following the completion of the sale, the director owned 122,496 shares in the company, valued at approximately $2,454,819.84. The trade was a 24.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 12,163,520 shares of company stock valued at $194,773,102. Insiders own 6.53% of the company’s stock.

Remitly Global Stock Up 1.0%

Shares of RELY opened at $24.28 on Tuesday. The firm has a market cap of $5.11 billion, a P/E ratio of 49.55 and a beta of 0.40. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $24.92. The stock’s 50 day moving average is $18.12 and its two-hundred day moving average is $15.49. 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 (NASDAQ:RELY) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 13.28% and a net margin of 6.12%.The business 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 company posted $0.05 EPS. The business’s quarterly revenue was up 25.2% on a year-over-year basis. Analysts predict that Remitly Global, Inc. will post 0.61 earnings per share for the current fiscal year.

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.