Wellington Management Group LLP Sells 62,592 Shares of Remitly Global, Inc. $RELY

Wellington Management Group LLP trimmed its stake in Remitly Global, Inc. (NASDAQ:RELY) by 2.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,842,041 shares of the financial services provider’s stock after selling 62,592 shares during the period. Wellington Management Group LLP’s holdings in Remitly Global were worth $63,690,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on RELY. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. KeyCorp raised their target price on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Wolfe Research boosted their price target on shares of Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, August 25th. Finally, The Goldman Sachs Group increased their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $27.78.

Insider Activity at Remitly Global

In other news, Director Phillip John Riese sold 160,182 shares of the stock in a transaction that occurred 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 sale, the director directly owned 361,094 shares of the company’s stock, valued at $9,005,684.36. This represents a 30.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Pankaj Sharma sold 21,000 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $26.39, for a total transaction of $554,190.00. Following the completion of the sale, the insider directly owned 716,022 shares of the company’s stock, valued at approximately $18,895,820.58. This represents a 2.85% 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 502,771 shares of company stock valued at $12,328,147 in the last three months. 6.53% of the stock is currently owned by corporate insiders.

Remitly Global Stock Performance

Shares of NASDAQ:RELY opened at $26.82 on Thursday. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $27.15. The firm has a market cap of $5.68 billion, a PE ratio of 19.30 and a beta of 0.36. The business has a fifty day moving average of $24.33 and a 200-day moving average of $20.67.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business had revenue of $495.16 million for the quarter, compared to the consensus estimate of $486.25 million. During the same quarter in the prior year, the company earned $0.03 EPS. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. On average, analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

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.