SG Americas Securities LLC Reduces Position in Remitly Global, Inc. $RELY

SG Americas Securities LLC decreased its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 45.9% in the first quarter, Holdings Channel reports. The fund owned 45,783 shares of the financial services provider’s stock after selling 38,869 shares during the period. SG Americas Securities LLC’s holdings in Remitly Global were worth $717,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Torren Management LLC purchased a new position in Remitly Global during the fourth quarter worth approximately $25,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Remitly Global in the 4th quarter valued at approximately $28,000. GAMMA Investing LLC increased its holdings in shares of Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after buying an additional 1,628 shares during the last quarter. HighMark Wealth Management LLC acquired a new stake in shares of Remitly Global during the 4th quarter worth approximately $35,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Remitly Global by 140.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after buying an additional 1,545 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Citigroup reiterated a “market outperform” rating on shares of Remitly Global in a report on Thursday, June 4th. Cantor Fitzgerald lifted their target price on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. KeyCorp upped their price target on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Wall Street Zen cut Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. Finally, Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Remitly Global presently has a consensus rating of “Moderate Buy” and an average price target of $24.62.

Remitly Global Stock Up 0.8%

Shares of NASDAQ RELY opened at $24.43 on Tuesday. The business’s 50 day moving average is $21.40 and its two-hundred day moving average is $17.45. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.92. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of 49.77 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. The business had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company’s revenue was up 25.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.05 earnings per share. Analysts anticipate that Remitly Global, Inc. will post 0.62 EPS for the current fiscal year.

Insider Activity at Remitly Global

In related news, insider Ankur Sinha sold 7,596 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total value of $160,047.72. Following the transaction, the insider owned 1,222,718 shares of the company’s stock, valued at $25,762,668.26. This represents a 0.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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. Also, insider Pankaj Sharma sold 16,000 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total transaction of $320,160.00. Following the completion of the transaction, the insider owned 767,810 shares in the company, valued at $15,363,878.10. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 249,188 shares of company stock valued at $5,303,878. 6.53% of the stock is owned by company insiders.

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.