Baillie Gifford & Co. Has $128.25 Million Stock Position in Remitly Global, Inc. $RELY

Baillie Gifford & Co. lessened its position in Remitly Global, Inc. (NASDAQ:RELY) by 2.1% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 7,868,348 shares of the financial services provider’s stock after selling 164,799 shares during the period. Baillie Gifford & Co. owned approximately 3.82% of Remitly Global worth $128,254,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Remitly Global by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after purchasing an additional 3,870 shares during the period. Millennium Management LLC increased its position in shares of Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after acquiring an additional 124,798 shares in the last quarter. Caxton Associates LLP acquired a new stake in shares of Remitly Global in the 1st quarter worth about $218,000. Focus Partners Wealth bought a new position in Remitly Global in the 1st quarter valued at about $1,458,000. Finally, Palisades Investment Partners LLC acquired a new position in Remitly Global during the 2nd quarter valued at about $3,313,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Remitly Global

In other news, Director Ryno Blignaut sold 4,500 shares of the stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total transaction of $59,625.00. Following the completion of the transaction, the director directly owned 41,576 shares of the company’s stock, valued at $550,882. This represents a 9.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joshua Hug sold 40,776 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $13.33, for a total transaction of $543,544.08. Following the sale, the director owned 3,654,764 shares of the company’s stock, valued at approximately $48,718,004.12. The trade was a 1.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 50,276 shares of company stock worth $673,109 over the last three months. 7.50% of the stock is currently owned by insiders.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $14.17 on Friday. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.32. The company has a market capitalization of $2.96 billion, a PE ratio of 157.44 and a beta of 0.11. The business has a fifty day moving average price of $13.71 and a two-hundred day moving average price of $15.84.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The company had revenue of $419.49 million for the quarter, compared to the consensus estimate of $413.73 million. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. The firm’s quarterly revenue was up 24.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.01 EPS. Sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. dropped their target price on Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a report on Monday, December 29th. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research note on Friday, October 10th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $17.00 target price on shares of Remitly Global in a report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.25.

Remitly Global Profile

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.