Bank of New York Mellon Corp Has $12.43 Million Position in Remitly Global, Inc. (NASDAQ:RELY)

Bank of New York Mellon Corp trimmed its position in Remitly Global, Inc. (NASDAQ:RELY) by 10.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 597,515 shares of the financial services provider’s stock after selling 66,551 shares during the period. Bank of New York Mellon Corp owned approximately 0.30% of Remitly Global worth $12,428,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of RELY. Exchange Traded Concepts LLC bought a new stake in shares of Remitly Global in the first quarter worth about $46,000. KBC Group NV grew its position in shares of Remitly Global by 29.8% in the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider’s stock valued at $165,000 after purchasing an additional 1,823 shares during the period. Mackenzie Financial Corp bought a new stake in Remitly Global during the 4th quarter worth approximately $211,000. Clarius Group LLC acquired a new stake in Remitly Global during the 1st quarter worth approximately $239,000. Finally, Xponance Inc. bought a new position in Remitly Global in the fourth quarter valued at approximately $245,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder Ltd Naspers sold 11,900,000 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $22.89, for a total transaction of $272,391,000.00. Following the completion of the transaction, the insider directly owned 25,441,745 shares of the company’s stock, valued at $582,361,543.05. This represents a 31.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total transaction of $251,994.24. Following the completion of the sale, the chief executive officer owned 4,212,849 shares of the company’s stock, valued at $72,798,030.72. This trade represents a 0.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,079,551 shares of company stock worth $276,183,987 in the last quarter. Insiders own 8.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Monness Crespi & Hardt increased their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. The Goldman Sachs Group boosted their target price on shares of Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. KeyCorp raised their price target on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. Barclays boosted their price target on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.88.

Remitly Global Price Performance

RELY stock opened at $17.01 on Monday. The business has a 50-day moving average price of $20.25 and a 200 day moving average price of $21.46. The company has a market capitalization of $3.47 billion, a P/E ratio of -567.00 and a beta of 0.13. Remitly Global, Inc. has a 1-year low of $12.43 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.09. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. The company had revenue of $361.62 million during the quarter, compared to analysts’ expectations of $347.81 million. During the same period last year, the business earned ($0.11) EPS. Remitly Global’s revenue for the quarter was up 34.3% on a year-over-year basis. On average, analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

About Remitly Global

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.