Northern Trust Corp Lowers Stock Position in Remitly Global, Inc. $RELY

Northern Trust Corp lessened its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 3.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,455,053 shares of the financial services provider’s stock after selling 50,490 shares during the quarter. Northern Trust Corp owned 0.71% of Remitly Global worth $30,265,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Elequin Capital LP purchased a new position in Remitly Global during the first quarter worth about $30,000. Exchange Traded Concepts LLC purchased a new position in Remitly Global during the first quarter worth about $46,000. Caitong International Asset Management Co. Ltd purchased a new position in Remitly Global during the first quarter worth about $66,000. KBC Group NV boosted its stake in Remitly Global by 29.8% during the first quarter. KBC Group NV now owns 7,944 shares of the financial services provider’s stock worth $165,000 after buying an additional 1,823 shares during the period. Finally, Mackenzie Financial Corp purchased a new position in Remitly Global during the fourth quarter worth about $211,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Up 0.3%

Shares of NASDAQ:RELY opened at $18.53 on Friday. The firm’s 50 day moving average price is $18.18 and its 200 day moving average price is $20.31. The stock has a market cap of $3.82 billion, a price-to-earnings ratio of 308.88 and a beta of 0.12. Remitly Global, Inc. has a fifty-two week low of $12.43 and a fifty-two week high of $27.32.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.14). The firm had revenue of $411.85 million during the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The firm’s revenue was up 34.4% compared to the same quarter last year. During the same period last year, the business earned ($0.06) EPS. On average, equities analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Activity

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the sale, the insider owned 182,926 shares of the company’s stock, valued at approximately $3,658,520. This trade represents a 2.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total transaction of $251,994.24. Following the sale, the chief executive officer directly owned 4,212,849 shares in the company, valued at approximately $72,798,030.72. The trade was a 0.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,583 shares of company stock worth $828,744 in the last ninety days. 7.50% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have weighed in on RELY. The Goldman Sachs Group increased their target price 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. Barclays increased their price target on shares of Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, May 12th. Wall Street Zen cut shares of Remitly Global from a “buy” rating to a “hold” rating in a research report on Saturday. Monness Crespi & Hardt increased their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. Finally, KeyCorp reissued an “overweight” rating and set a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.00.

Remitly Global 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.