Remitly Global, Inc. $RELY Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC reduced its position in Remitly Global, Inc. (NASDAQ:RELY) by 20.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 135,801 shares of the financial services provider’s stock after selling 34,254 shares during the quarter. Hsbc Holdings PLC’s holdings in Remitly Global were worth $2,150,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of RELY. Pekin Hardy Strauss Inc. lifted its position in Remitly Global by 581.8% in the fourth quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock valued at $1,693,000 after purchasing an additional 104,716 shares during the period. Capelight Capital Asset Management LP acquired a new position in Remitly Global during the 4th quarter worth approximately $1,380,000. GSA Capital Partners LLP increased its position in Remitly Global by 1,484.2% during the 4th quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock worth $4,982,000 after purchasing an additional 338,244 shares during the period. Baillie Gifford & Co. raised its stake in shares of Remitly Global by 48.2% during the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after buying an additional 3,790,210 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Remitly Global by 44.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock worth $13,166,000 after buying an additional 292,991 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Performance

RELY stock opened at $22.53 on Monday. The firm has a 50 day moving average of $21.65 and a 200-day moving average of $18.40. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $25.75. The company has a market cap of $4.74 billion, a price-to-earnings ratio of 45.98 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The business had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $438.94 million. During the same quarter in the prior year, the firm posted $0.05 EPS. The company’s revenue was up 25.2% compared to the same quarter last year. Sell-side analysts forecast that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RELY. The Goldman Sachs Group lifted their price target on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. KeyCorp increased their price objective on Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, July 16th. Cantor Fitzgerald boosted their target price on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Finally, Citizens Jmp upped their price target on shares of Remitly Global from $26.00 to $30.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.50.

Insider Activity at Remitly Global

In other news, insider Pankaj Sharma sold 16,000 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the completion of the transaction, the insider owned 767,810 shares in the company, valued at $15,363,878.10. This trade represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ankur Sinha sold 7,596 shares of Remitly Global stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total value of $160,047.72. Following the transaction, the insider owned 1,222,718 shares of the company’s stock, valued at $25,762,668.26. This represents a 0.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 187,188 shares of company stock valued at $4,087,718 in the last 90 days. 6.53% of the stock is owned by corporate insiders.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.