Remitly Global, Inc. (NASDAQ:RELY) Shares Sold by Blue Trust Inc.

Blue Trust Inc. lowered its stake in Remitly Global, Inc. (NASDAQ:RELY) by 36.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,249 shares of the financial services provider’s stock after selling 1,291 shares during the quarter. Blue Trust Inc.’s holdings in Remitly Global were worth $30,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the stock. Bleakley Financial Group LLC grew its stake in shares of Remitly Global by 29.1% in the third quarter. Bleakley Financial Group LLC now owns 15,178 shares of the financial services provider’s stock valued at $203,000 after buying an additional 3,422 shares in the last quarter. nVerses Capital LLC grew its stake in shares of Remitly Global by 45.6% in the third quarter. nVerses Capital LLC now owns 13,100 shares of the financial services provider’s stock valued at $175,000 after buying an additional 4,100 shares in the last quarter. Simplicity Wealth LLC grew its stake in shares of Remitly Global by 87.3% in the third quarter. Simplicity Wealth LLC now owns 22,015 shares of the financial services provider’s stock valued at $295,000 after buying an additional 10,259 shares in the last quarter. Green Alpha Advisors LLC acquired a new stake in shares of Remitly Global in the third quarter valued at about $144,000. Finally, Handelsbanken Fonder AB grew its stake in shares of Remitly Global by 29.6% in the third quarter. Handelsbanken Fonder AB now owns 35,900 shares of the financial services provider’s stock valued at $481,000 after buying an additional 8,200 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Trading Down 0.2 %

NASDAQ:RELY opened at $17.95 on Friday. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.03. The business’s 50 day moving average is $14.03 and its two-hundred day moving average is $14.01. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $23.01. The company has a market cap of $3.56 billion, a PE ratio of -51.29 and a beta of 0.02.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.99% and a negative net margin of 5.63%. The company had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same quarter last year, the business posted ($0.20) EPS. Remitly Global’s quarterly revenue was up 39.3% compared to the same quarter last year. On average, analysts predict that Remitly Global, Inc. will post -0.3 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on RELY shares. The Goldman Sachs Group lowered their target price on Remitly Global from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. BMO Capital Markets increased their price target on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, September 18th. KeyCorp increased their price target on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday. Monness Crespi & Hardt increased their price target on Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, JMP Securities increased their price target on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.88.

Insiders Place Their Bets

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 8.10% of the stock is currently owned by company insiders.

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.