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

by · The Markets Daily

Intellectus Partners LLC trimmed its stake in shares of Remitly Global, Inc. (NASDAQ:RELY – Free Report) by 12.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 42,150 shares of the financial services provider’s stock after selling 5,800 shares during the quarter. Intellectus Partners LLC’s holdings in Remitly Global were worth $564,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Advisors Asset Management Inc. grew its position in Remitly Global by 409.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,344 shares in the last quarter. Blue Trust Inc. bought a new position in Remitly Global during the 2nd quarter valued at $43,000. Assetmark Inc. acquired a new position in shares of Remitly Global during the 3rd quarter valued at $76,000. nVerses Capital LLC raised its stake in shares of Remitly Global by 2,900.0% in the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after buying an additional 8,700 shares in the last quarter. Finally, Bleakley Financial Group LLC acquired a new stake in shares of Remitly Global in the first quarter valued at $218,000. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Down 1.0 %

Shares of RELY opened at $19.64 on Friday. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of -56.11 and a beta of 0.03. The company has a 50-day moving average price of $15.24 and a two-hundred day moving average price of $14.10. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $22.49.

Remitly Global (NASDAQ:RELY – Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The business had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. Remitly Global’s revenue for the quarter was up 39.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.20) earnings per share. Equities research analysts expect that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Barclays boosted their target price on Remitly Global from $16.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $13.00 to $18.00 in a report on Thursday, October 31st. JMP Securities boosted their target price on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. Finally, KeyCorp upped their target price on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.38.

Get Our Latest Research Report on Remitly Global

Insider Buying and Selling

In other news, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the sale, the insider now owns 151,576 shares of the company’s stock, valued at $3,031,520. This trade represents a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the sale, the chief executive officer now owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. The trade was a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.10% of the stock is owned by insiders.

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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