UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $3.24 Million Stake in Remitly Global, Inc. (NASDAQ:RELY)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its position in Remitly Global, Inc. (NASDAQ:RELY) by 12.1% in the 3rd quarter, Holdings Channel reports. The firm owned 242,027 shares of the financial services provider’s stock after selling 33,260 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Remitly Global were worth $3,241,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of RELY. Blue Trust Inc. acquired a new position in shares of Remitly Global in the 2nd quarter valued at $43,000. Advisors Asset Management Inc. increased its stake in Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 1,466 shares during the period. Assetmark Inc. acquired a new position in Remitly Global in the third quarter worth about $76,000. FMR LLC lifted its stake in Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,970 shares during the period. Finally, nVerses Capital LLC lifted its stake in Remitly Global by 2,900.0% during the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 8,700 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Down 2.9 %

Remitly Global stock opened at $20.74 on Friday. The stock has a 50-day simple moving average of $18.02 and a 200 day simple moving average of $14.94. The stock has a market capitalization of $4.11 billion, a price-to-earnings ratio of -59.26 and a beta of 0.10. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $22.08.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping 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 company had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. During the same period in the previous year, the firm posted ($0.20) earnings per share. The company’s revenue was up 39.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Remitly Global, Inc. will post -0.23 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Pankaj Sharma sold 4,000 shares of the business’s stock in a transaction that occurred on 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 directly owns 151,576 shares of the company’s stock, valued at approximately $3,031,520. This trade represents a 2.57 % 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. 8.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

Remitly Global Company 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.