Vanguard Group Inc. Sells 124,178 Shares of Remitly Global, Inc. $RELY

Vanguard Group Inc. reduced its stake in Remitly Global, Inc. (NASDAQ:RELY) by 0.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,144,924 shares of the financial services provider’s stock after selling 124,178 shares during the period. Vanguard Group Inc. owned approximately 7.83% of Remitly Global worth $263,162,000 at the end of the most recent reporting period.

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

Remitly Global Stock Down 0.8%

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

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

Insider Transactions at Remitly Global

In other news, Director Ryno Blignaut sold 4,500 shares of the firm’s 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 completion of the sale, the director owned 32,576 shares in the company, valued at $419,904.64. This trade represents a 12.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Pankaj Sharma sold 3,000 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $16.35, for a total value of $49,050.00. Following the completion of the transaction, the insider owned 215,830 shares of the company’s stock, valued at $3,528,820.50. The trade was a 1.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 53,276 shares of company stock worth $722,999. Insiders own 7.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Oppenheimer set a $20.00 target price on Remitly Global in a research note on Thursday, February 19th. Bank of America began 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. JPMorgan Chase & Co. reduced their target price on Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 20th. Finally, Citizens Jmp increased their price objective on Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price 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.