Assetmark Inc. Has $45,000 Stock Position in Remitly Global, Inc. (NASDAQ:RELY)

Assetmark Inc. lowered its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 55.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,158 shares of the financial services provider’s stock after selling 2,714 shares during the quarter. Assetmark Inc.’s holdings in Remitly Global were worth $45,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in RELY. Cetera Investment Advisers bought a new position in shares of Remitly Global in the 1st quarter valued at about $223,000. Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in shares of Remitly Global by 21.4% in the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 813,419 shares of the financial services provider’s stock valued at $16,919,000 after purchasing an additional 143,522 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Remitly Global in the 1st quarter valued at about $1,409,000. Jackson Creek Investment Advisors LLC bought a new position in shares of Remitly Global in the 1st quarter valued at about $1,306,000. Finally, Edgestream Partners L.P. boosted its stake in shares of Remitly Global by 166.9% in the 1st quarter. Edgestream Partners L.P. now owns 84,417 shares of the financial services provider’s stock valued at $1,756,000 after purchasing an additional 52,783 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total value 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 approximately $72,798,030.72. The trade was a 0.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Ltd Naspers sold 11,900,000 shares of the business’s 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 sale, the insider directly owned 25,441,745 shares of the company’s stock, valued at approximately $582,361,543.05. The trade was a 31.87% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,041,833 shares of company stock valued at $275,390,023. Corporate insiders own 7.50% of the company’s stock.

Remitly Global Trading Up 2.0%

Shares of RELY opened at $16.11 on Tuesday. The company has a market cap of $3.28 billion, a price-to-earnings ratio of -537.00 and a beta of 0.12. Remitly Global, Inc. has a 1-year low of $12.43 and a 1-year high of $27.32. The company’s fifty day simple moving average is $18.91 and its 200 day simple moving average is $21.00.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share 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 business had revenue of $361.62 million for the quarter, compared to the consensus estimate of $347.81 million. During the same period in the previous year, the company earned ($0.11) earnings per share. The firm’s revenue for the quarter was up 34.3% on a year-over-year basis. As a group, research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Remitly Global Company Profile

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.