HighTower Advisors LLC Sells 3,269 Shares of Remitly Global, Inc. (NASDAQ:RELY)

HighTower Advisors LLC reduced its stake in Remitly Global, Inc. (NASDAQ:RELY) by 16.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,073 shares of the financial services provider’s stock after selling 3,269 shares during the period. HighTower Advisors LLC’s holdings in Remitly Global were worth $229,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Advisors Asset Management Inc. increased its stake 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 buying an additional 1,466 shares during the period. Assetmark Inc. bought a new position in Remitly Global during the 3rd quarter worth about $76,000. FMR LLC increased its position in Remitly Global by 39.8% during the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 1,970 shares during the period. nVerses Capital LLC increased its position in Remitly Global by 2,900.0% during the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 8,700 shares during the period. Finally, Green Alpha Advisors LLC bought a new stake in shares of Remitly Global in the 3rd quarter valued at about $144,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Joshua Hug sold 22,198 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the transaction, the insider now directly owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the transaction, the chief executive officer now owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 82,012 shares of company stock valued at $1,435,212. Insiders own 8.10% of the company’s stock.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $22.64 on Wednesday. The business’s 50-day moving average is $19.09 and its 200 day moving average is $15.33. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $22.93. The firm has a market capitalization of $4.48 billion, a P/E ratio of -64.69 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.07. The firm had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company’s revenue for the quarter was up 39.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.20) earnings per share. On average, analysts expect that Remitly Global, Inc. will post -0.23 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on RELY shares. KeyCorp increased their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Barclays increased their target price on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Wells Fargo & Company raised 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 research report on Thursday, October 31st. JMP Securities raised their price objective on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. Finally, BMO Capital Markets boosted their target price on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.75.

About Remitly Global

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.