SG Americas Securities LLC Trims Stock Position in Remitly Global, Inc. $RELY

SG Americas Securities LLC decreased its position in Remitly Global, Inc. (NASDAQ:RELY) by 45.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 45,783 shares of the financial services provider’s stock after selling 38,869 shares during the period. SG Americas Securities LLC’s holdings in Remitly Global were worth $717,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of RELY. Torren Management LLC purchased a new stake in Remitly Global in the fourth quarter worth about $25,000. Cullen Frost Bankers Inc. acquired a new position in Remitly Global during the 4th quarter valued at approximately $28,000. GAMMA Investing LLC raised its holdings in shares of Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after buying an additional 1,628 shares during the last quarter. HighMark Wealth Management LLC acquired a new stake in shares of Remitly Global during the fourth quarter worth $35,000. Finally, Quarry LP purchased a new stake in shares of Remitly Global during the third quarter valued at $42,000. Institutional investors own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Citizens Jmp lifted their price objective on Remitly Global from $22.00 to $26.00 and gave the company a “market outperform” rating in a research note on Thursday, May 7th. KeyCorp raised their target price on Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Citigroup reissued a “market outperform” rating on shares of Remitly Global in a report on Thursday, June 4th. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $27.00 price objective on shares of Remitly Global in a research report on Thursday, May 7th. One 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.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $24.62.

Remitly Global Price Performance

Shares of RELY stock opened at $24.43 on Tuesday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.92. The company has a market cap of $5.14 billion, a price-to-earnings ratio of 49.77 and a beta of 0.34. The stock has a 50 day simple moving average of $21.40 and a 200-day simple moving average of $17.45.

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

Insider Activity

In related news, insider Pankaj Sharma sold 16,000 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $20.01, for a total value of $320,160.00. Following the transaction, the insider directly owned 767,810 shares of the company’s stock, valued at approximately $15,363,878.10. This trade represents a 2.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Phillip John Riese sold 40,000 shares of Remitly Global stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $20.04, for a total value of $801,600.00. Following the completion of the sale, 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 ownership of the stock. 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. Over the last 90 days, insiders have sold 249,188 shares of company stock worth $5,303,878. Company insiders own 6.53% of the company’s stock.

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.