Remitly Global, Inc. (NASDAQ:RELY) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lessened its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 61.2% in the 4th quarter, HoldingsChannel reports. The firm owned 1,418,605 shares of the financial services provider’s stock after selling 2,239,319 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Remitly Global were worth $32,018,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RELY. Global Retirement Partners LLC purchased a new position in shares of Remitly Global during the 4th quarter valued at about $28,000. R Squared Ltd purchased a new stake in shares of Remitly Global in the fourth quarter worth about $89,000. FMR LLC grew its holdings in Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 1,970 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Remitly Global during the fourth quarter valued at approximately $135,000. Finally, KBC Group NV lifted its holdings in Remitly Global by 49.7% in the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock valued at $138,000 after acquiring an additional 2,033 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Trading Down 7.3 %

RELY stock opened at $18.66 on Monday. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $27.32. The business’s 50-day moving average is $22.79 and its 200 day moving average is $20.32. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of -98.21 and a beta of 0.15.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) 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 firm had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. As a group, equities analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RELY shares. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. Wells Fargo & Company lifted their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. BMO Capital Markets increased their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. The Goldman Sachs Group cut their price target on Remitly Global from $33.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. increased their price target on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and an average target price of $27.25.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.31, for a total transaction of $281,597.73. Following the transaction, the chief executive officer now directly owns 4,329,513 shares in the company, valued at $83,602,896.03. The trade was a 0.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now owns 397,805 shares of the company’s stock, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,749 shares of company stock valued at $1,081,736 over the last 90 days. 8.10% of the stock is currently owned by corporate insiders.

Remitly Global 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.