Remitly Global, Inc. (NASDAQ:RELY) Shares Sold by Intellectus Partners LLC

Intellectus Partners LLC trimmed its stake in Remitly Global, Inc. (NASDAQ:RELY) by 35.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 27,000 shares of the financial services provider’s stock after selling 15,150 shares during the quarter. Intellectus Partners LLC’s holdings in Remitly Global were worth $609,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of RELY. Principal Financial Group Inc. grew its holdings in shares of Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after acquiring an additional 2,001,198 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its holdings in shares of Remitly Global by 13.8% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock worth $47,578,000 after acquiring an additional 431,987 shares during the last quarter. Lisanti Capital Growth LLC purchased a new position in shares of Remitly Global during the fourth quarter valued at $6,324,000. Barclays PLC grew its holdings in shares of Remitly Global by 19.2% during the third quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock valued at $18,858,000 after buying an additional 227,231 shares in the last quarter. Finally, Portolan Capital Management LLC grew its holdings in shares of Remitly Global by 96.3% during the third quarter. Portolan Capital Management LLC now owns 353,054 shares of the financial services provider’s stock valued at $4,727,000 after buying an additional 173,162 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total value of $337,450.62. Following the completion of the sale, the chief executive officer now owns 4,387,845 shares of the company’s stock, valued at $101,534,733.30. The trade was a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 43,749 shares of company stock valued at $1,009,289 over the last quarter. Insiders own 8.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on RELY shares. Barclays lifted their price target on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, February 24th. JPMorgan Chase & Co. lifted their price target on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. The Goldman Sachs Group lifted their price target on Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Wells Fargo & Company lifted their price target on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. Finally, BMO Capital Markets lifted their price target on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Remitly Global has an average rating of “Moderate Buy” and a consensus target price of $28.13.

Remitly Global Trading Down 2.4 %

RELY opened at $21.09 on Friday. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of -111.00 and a beta of 0.07. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The stock has a fifty day moving average price of $23.82 and a 200 day moving average price of $19.36.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. As a group, sell-side analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Remitly Global Company Profile

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.