Hsbc Holdings PLC Has $2.35 Million Position in Remitly Global, Inc. $RELY

Hsbc Holdings PLC cut its position in Remitly Global, Inc. (NASDAQ:RELY) by 29.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 170,055 shares of the financial services provider’s stock after selling 69,735 shares during the period. Hsbc Holdings PLC’s holdings in Remitly Global were worth $2,347,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in RELY. Baillie Gifford & Co. grew its holdings in shares of Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after purchasing an additional 3,790,210 shares during the last quarter. Marshall Wace LLP raised its holdings in Remitly Global by 30.4% in the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock valued at $82,741,000 after buying an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after buying an additional 2,567,446 shares during the period. ArrowMark Colorado Holdings LLC grew its holdings in Remitly Global by 46.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock worth $90,159,000 after acquiring an additional 1,748,576 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Remitly Global by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock worth $57,278,000 after acquiring an additional 67,700 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Trading Up 1.9%

Shares of NASDAQ RELY opened at $22.79 on Tuesday. The firm’s 50-day moving average price is $21.12 and its 200-day moving average price is $17.14. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.92. The firm has a market capitalization of $4.80 billion, a P/E ratio of 46.51 and a beta of 0.37.

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 the consensus estimate of $0.12 by $0.11. The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company’s quarterly revenue was up 25.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 earnings per share. Equities research analysts forecast that Remitly Global, Inc. will post 0.62 EPS for the current year.

Insider Buying and Selling

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $526,750.00. Following the completion of the sale, the chief financial officer owned 988,004 shares in the company, valued at approximately $20,817,244.28. The trade was a 2.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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. Also, Director Phillip John Riese sold 40,000 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $20.04, for a total transaction of $801,600.00. Following the transaction, the director owned 122,496 shares in the company, valued at approximately $2,454,819.84. The trade was a 24.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 243,818 shares of company stock worth $5,093,447 over the last quarter. Corporate insiders own 6.53% of the company’s stock.

Wall Street Analysts Forecast Growth

RELY has been the subject of several recent research reports. Weiss Ratings upgraded shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. Citizens Jmp boosted their price objective on shares of Remitly Global from $22.00 to $26.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 7th. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $27.00 target price on shares of Remitly Global in a research report on Thursday, May 7th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Remitly Global in a report on Thursday, June 4th. One 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. Based on data from MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.62.

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.