Remitly Global, Inc. $RELY Shares Sold by Royal Bank of Canada

Royal Bank of Canada trimmed its position in Remitly Global, Inc. (NASDAQ:RELY) by 87.5% during the first quarter, Holdings Channel.com reports. The firm owned 14,636 shares of the financial services provider’s stock after selling 102,813 shares during the period. Royal Bank of Canada’s holdings in Remitly Global were worth $229,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Remitly Global by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after buying an additional 3,870 shares during the last quarter. Millennium Management LLC boosted its position in Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after acquiring an additional 124,798 shares during the last quarter. Caxton Associates LLP purchased a new stake in Remitly Global in the 1st quarter worth approximately $218,000. Focus Partners Wealth acquired a new position in Remitly Global in the 1st quarter valued at $1,458,000. Finally, Cetera Investment Advisers raised its holdings in Remitly Global by 12.0% in the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock valued at $226,000 after acquiring an additional 1,286 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on RELY shares. The Goldman Sachs Group increased their price target on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Wolfe Research upped their target price on Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Citizens Jmp raised their price target on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Finally, Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $27.78.

Remitly Global Stock Up 2.2%

NASDAQ:RELY opened at $26.55 on Friday. The company has a market cap of $5.62 billion, a P/E ratio of 19.10 and a beta of 0.34. The firm’s 50 day moving average is $23.99 and its two-hundred day moving average is $20.34. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.15.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.81. The company had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.03 EPS. Research analysts forecast that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Insider Transactions at Remitly Global

In other Remitly Global news, Director Phillip John Riese sold 160,182 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $24.94, for a total transaction of $3,994,939.08. Following the completion of the sale, the director owned 361,094 shares of the company’s stock, valued at approximately $9,005,684.36. The trade was a 30.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Nigel W. Morris sold 20,000 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $26.20, for a total value of $524,000.00. Following the sale, the director owned 1,851,056 shares of the company’s stock, valued at $48,497,667.20. This represents a 1.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 515,371 shares of company stock worth $12,480,565 over the last ninety days. 6.53% of the stock is owned by 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.