Renaissance Technologies LLC Sells 166,447 Shares of Remitly Global, Inc. $RELY

Renaissance Technologies LLC trimmed its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 84.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,000 shares of the financial services provider’s stock after selling 166,447 shares during the quarter. Renaissance Technologies LLC’s holdings in Remitly Global were worth $470,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership raised its holdings in shares of Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after acquiring an additional 2,567,446 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of Remitly Global by 74.4% during the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock worth $74,966,000 after purchasing an additional 1,962,076 shares in the last quarter. Capital International Investors purchased a new position in shares of Remitly Global during the fourth quarter worth about $24,328,000. UBS Group AG grew its holdings in shares of Remitly Global by 189.7% during the third quarter. UBS Group AG now owns 2,418,069 shares of the financial services provider’s stock worth $39,415,000 after purchasing an additional 1,583,432 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its position in shares of Remitly Global by 148.3% in the second quarter. Qube Research & Technologies Ltd now owns 1,940,045 shares of the financial services provider’s stock worth $36,415,000 after purchasing an additional 1,158,597 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on RELY shares. Cantor Fitzgerald raised their target price on shares of Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. KeyCorp raised their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Finally, The Goldman Sachs Group lifted their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Remitly Global presently has a consensus rating of “Moderate Buy” and an average target price of $27.67.

Trending Headlines about Remitly Global

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Zacks upgraded Remitly to Rank #1, or “Strong Buy.” The upgrade reflects improving expectations for the company’s earnings prospects and could provide near-term support for RELY shares. Zacks Strong Buy rating upgrade article
• Positive Sentiment: Rising earnings estimates signal potential upside. Zacks said recent estimate revisions indicate strengthening analyst expectations, a factor that can improve sentiment and momentum around the stock. Rising earnings estimates article
• Positive Sentiment: RELY was included on multiple Zacks Strong Buy and momentum-stock lists. The additional visibility may attract short-term momentum-oriented investors. Zacks momentum stocks article
• Positive Sentiment: Brokerages maintain a consensus “Moderate Buy” recommendation. This indicates generally favorable, though not unanimous, Wall Street sentiment. Remitly brokerage recommendation article
• Neutral Sentiment: Remitly’s latest reported quarter showed revenue growth of 20.2% year over year and adjusted earnings that substantially exceeded consensus expectations, providing fundamental support for the recent advance.
• Negative Sentiment: Director Nigel W. Morris sold 31,000 shares for approximately $805,490 across August 13–14. The sales were relatively small compared with his remaining ownership of more than 1.85 million shares, but continued insider selling can temper bullish sentiment. SEC insider transaction filing

Insider Buying and Selling at Remitly Global

In other news, Director Joshua Hug sold 33,600 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $21.03, for a total value of $706,608.00. Following the completion of the sale, the director directly owned 3,424,244 shares in the company, valued at approximately $72,011,851.32. The trade was a 0.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Phillip John Riese sold 160,182 shares of the company’s stock in a transaction on Friday, August 7th. The shares were 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 directly owned 361,094 shares of the company’s stock, valued at $9,005,684.36. This trade represents a 30.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 511,443 shares of company stock valued at $12,044,030. 6.53% of the stock is currently owned by corporate insiders.

Remitly Global Stock Performance

Shares of Remitly Global stock opened at $26.30 on Tuesday. The firm has a market capitalization of $5.57 billion, a PE ratio of 18.92 and a beta of 0.34. The business’s 50-day moving average price is $22.87 and its 200-day moving average price is $19.58. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month 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 for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. The company had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.Remitly Global’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the firm posted $0.03 EPS. As a group, analysts predict that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Remitly Global Profile

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.