EP Wealth Advisors LLC Trims Stock Holdings in Remitly Global, Inc. $RELY

EP Wealth Advisors LLC reduced its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 32.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,000 shares of the financial services provider’s stock after selling 4,878 shares during the period. EP Wealth Advisors LLC’s holdings in Remitly Global were worth $208,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Cubist Systematic Strategies LLC bought a new stake in Remitly Global during the 1st quarter worth approximately $2,476,000. Graham Capital Management L.P. bought a new position in shares of Remitly Global in the first quarter worth approximately $880,000. Magnetar Financial LLC purchased a new stake in shares of Remitly Global in the first quarter worth $672,000. Driehaus Capital Management LLC bought a new stake in shares of Remitly Global during the 1st quarter valued at $32,731,000. Finally, State of Wyoming purchased a new position in shares of Remitly Global during the 1st quarter valued at $316,000. 74.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wall Street Zen raised shares of Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday. KeyCorp reaffirmed an “overweight” rating and issued a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $29.00.

Insider Buying and Selling

In related news, Director Phillip John Riese sold 5,000 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the sale, the director owned 112,496 shares in the company, valued at approximately $2,249,920. This represents a 4.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Joshua Hug sold 40,777 shares of Remitly Global stock in a transaction on Friday, August 29th. The stock was sold at an average price of $18.41, for a total transaction of $750,704.57. Following the transaction, the director directly owned 3,654,288 shares of the company’s stock, valued at $67,275,442.08. The trade was a 1.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 79,360 shares of company stock valued at $1,477,749. 8.10% of the stock is currently owned by company insiders.

Remitly Global Stock Performance

RELY opened at $20.25 on Wednesday. The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of 337.56 and a beta of 0.13. The company has a fifty day moving average of $18.21 and a 200 day moving average of $19.99. 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 posted its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The firm had revenue of $411.85 million during the quarter, compared to analysts’ expectations of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.Remitly Global’s quarterly revenue was up 34.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.06) earnings per share. On average, equities research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

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.