Algert Global LLC Sells 20,560 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Algert Global LLC lessened its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 27.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,399 shares of the financial services provider’s stock after selling 20,560 shares during the quarter. Algert Global LLC’s holdings in Remitly Global were worth $742,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its holdings in shares of Remitly Global by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,220,966 shares of the financial services provider’s stock worth $16,349,000 after acquiring an additional 12,875 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Remitly Global by 4.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock valued at $48,980,000 after purchasing an additional 169,454 shares in the last quarter. Intech Investment Management LLC bought a new position in Remitly Global during the 3rd quarter valued at $603,000. Advisors Asset Management Inc. lifted its position in shares of Remitly Global by 58.7% during the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 1,466 shares in the last quarter. Finally, Caprock Group LLC boosted its stake in shares of Remitly Global by 7.7% in the 3rd quarter. Caprock Group LLC now owns 37,869 shares of the financial services provider’s stock worth $507,000 after buying an additional 2,710 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Trading Down 1.3 %

RELY stock opened at $20.56 on Friday. The firm has a 50 day moving average of $16.52 and a 200-day moving average of $14.45. The firm has a market capitalization of $4.07 billion, a P/E ratio of -58.74 and a beta of 0.03. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $22.08.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The firm had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same period in the previous year, the business earned ($0.20) EPS. The business’s revenue for the quarter was up 39.3% on a year-over-year basis. Sell-side analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $13.00 to $18.00 in a report on Thursday, October 31st. KeyCorp upped their price target on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. lifted their price objective on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Barclays upped their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Finally, JMP Securities lifted their target price on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.75.

Insiders Place Their Bets

In related news, insider Joshua Hug sold 22,198 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the transaction, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the sale, the chief executive officer now owns 4,542,613 shares in the company, valued at $64,595,956.86. The trade was a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,429 shares of company stock worth $1,131,011 in the last ninety days. 8.10% of the stock is currently owned by 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.