Remitly Global, Inc. $RELY Shares Sold by Siren L.L.C.

Siren L.L.C. lessened its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 4.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,543,271 shares of the financial services provider’s stock after selling 75,000 shares during the period. Siren L.L.C. owned approximately 0.73% of Remitly Global worth $24,183,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Torren Management LLC purchased a new stake in shares of Remitly Global during the fourth quarter worth $25,000. Summit Securities Group LLC acquired a new stake in shares of Remitly Global in the first quarter valued at $26,000. Cullen Frost Bankers Inc. purchased a new position in Remitly Global in the fourth quarter valued at $28,000. GAMMA Investing LLC boosted its holdings in Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,628 shares during the period. Finally, HighMark Wealth Management LLC acquired a new position in Remitly Global during the 4th quarter worth $35,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Insider Buying and Selling at Remitly Global

In related news, insider Pankaj Sharma sold 16,000 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total transaction of $320,160.00. Following the completion of the sale, the insider owned 767,810 shares in the company, valued at $15,363,878.10. The trade was a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bora Chung sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total value of $257,040.00. Following the completion of the transaction, the director directly owned 125,317 shares of the company’s stock, valued at $2,684,290.14. This trade represents a 8.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 187,188 shares of company stock worth $4,087,718. 6.53% of the stock is currently owned by corporate insiders.

Remitly Global Price Performance

NASDAQ:RELY opened at $22.87 on Friday. The firm has a market capitalization of $4.82 billion, a PE ratio of 46.67 and a beta of 0.34. The business’s fifty day moving average price is $21.65 and its 200 day moving average price is $18.33. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $25.75.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. The company had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.Remitly Global’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.05 EPS. As a group, equities analysts anticipate that Remitly Global, Inc. will post 0.62 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on RELY. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. Monness Crespi & Hardt boosted their price objective on Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Citizens Jmp upped their target price 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. Cantor Fitzgerald raised their target price on shares of Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Finally, Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $25.50.

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.