JPMorgan Chase & Co. Sells 277,682 Shares of Remitly Global, Inc. $RELY

by · The Markets Daily

JPMorgan Chase & Co. lessened its position in Remitly Global, Inc. (NASDAQ:RELY – Free Report) by 12.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,034,038 shares of the financial services provider’s stock after selling 277,682 shares during the period. JPMorgan Chase & Co.’s holdings in Remitly Global were worth $38,179,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in RELY. Magnetar Financial LLC raised its holdings in Remitly Global by 360.2% in the 2nd quarter. Magnetar Financial LLC now owns 148,670 shares of the financial services provider’s stock worth $2,791,000 after acquiring an additional 116,367 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Remitly Global in the second quarter worth $2,595,000. Renaissance Group LLC raised its stake in shares of Remitly Global by 30.7% in the second quarter. Renaissance Group LLC now owns 325,769 shares of the financial services provider’s stock worth $6,115,000 after purchasing an additional 76,572 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of Remitly Global by 12.0% during the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 1,286 shares in the last quarter. Finally, Intech Investment Management LLC boosted its position in shares of Remitly Global by 21.6% during the second quarter. Intech Investment Management LLC now owns 112,878 shares of the financial services provider’s stock valued at $2,119,000 after buying an additional 20,028 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Trading Down 2.4%

RELY opened at $13.23 on Tuesday. The company’s 50 day moving average is $14.89 and its 200 day moving average is $17.59. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 147.00 and a beta of 0.11. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.32.

Remitly Global (NASDAQ:RELY – Get Free Report) last announced its earnings results on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The company had revenue of $419.49 million for the quarter, compared to analysts’ expectations of $413.73 million. During the same period last year, the firm earned $0.01 EPS. Remitly Global’s revenue for the quarter was up 24.7% compared to the same quarter last year. Remitly Global has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. As a group, analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on RELY shares. Wall Street Zen raised Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th. KeyCorp reissued an “overweight” rating and set a $28.00 price objective (up from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Weiss Ratings restated a “hold (c-)” rating on shares of Remitly Global in a report on Friday. JPMorgan Chase & Co. cut their target price on shares of Remitly Global from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Thursday, November 6th. Finally, William Blair reissued an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and a consensus price target of $25.88.

Check Out Our Latest Report on RELY

Insider Activity

In other news, Director Joshua Hug sold 40,776 shares of Remitly Global stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $13.33, for a total transaction of $543,544.08. Following the transaction, the director directly owned 3,654,764 shares of the company’s stock, valued at $48,718,004.12. The trade was a 1.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $15.59, for a total value of $227,348.97. Following the transaction, the chief executive officer owned 4,515,188 shares of the company’s stock, valued at approximately $70,391,780.92. This trade represents a 0.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 76,442 shares of company stock valued at $1,098,702 in the last ninety days. Corporate insiders own 8.10% of the company’s stock.

About Remitly Global

(Free Report)

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.

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