First Trust Advisors LP Has $1.39 Million Holdings in Remitly Global, Inc. $RELY

First Trust Advisors LP lessened its position in Remitly Global, Inc. (NASDAQ:RELY) by 43.6% in the first quarter, HoldingsChannel.com reports. The fund owned 88,950 shares of the financial services provider’s stock after selling 68,755 shares during the period. First Trust Advisors LP’s holdings in Remitly Global were worth $1,394,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the company. Torren Management LLC acquired a new position in Remitly Global in the 4th quarter valued at about $25,000. Summit Securities Group LLC acquired a new stake in Remitly Global during the first quarter worth approximately $26,000. Cullen Frost Bankers Inc. bought a new stake in shares of Remitly Global during the fourth quarter worth approximately $28,000. HighMark Wealth Management LLC bought a new stake in shares of Remitly Global during the fourth quarter worth approximately $35,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Remitly Global by 140.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 1,545 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Remitly Global news, Director Bora Chung sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total transaction of $257,040.00. Following the sale, the director directly owned 125,317 shares of the company’s stock, valued at $2,684,290.14. The trade was a 8.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ankur Sinha sold 7,596 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $160,047.72. Following the completion of the sale, the insider directly owned 1,222,718 shares in the company, valued at approximately $25,762,668.26. This represents a 0.62% decrease in their position. The SEC filing for this sale provides additional information. 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 quarter, insiders have sold 136,005 shares of company stock valued at $2,869,717. 6.53% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on RELY. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. KeyCorp boosted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday. 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 note on Thursday, July 9th. Finally, Wolfe Research reiterated an “outperform” rating and issued a $31.00 price objective on shares of Remitly Global in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Remitly Global has a consensus rating of “Moderate Buy” and an average target price of $27.44.

Remitly Global Price Performance

Shares of NASDAQ RELY opened at $24.42 on Monday. The stock has a market capitalization of $5.17 billion, a PE ratio of 17.57 and a beta of 0.34. The business has a fifty day moving average price of $22.24 and a two-hundred day moving average price of $19.12. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.15.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same quarter in the prior year, the firm posted $0.03 EPS. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. On average, equities analysts expect that Remitly Global, Inc. will post 0.62 EPS for the current 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.