SG Americas Securities LLC Has $1.17 Million Stock Position in Remitly Global, Inc. $RELY

SG Americas Securities LLC boosted its stake in Remitly Global, Inc. (NASDAQ:RELY) by 88.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 84,652 shares of the financial services provider’s stock after buying an additional 39,810 shares during the period. SG Americas Securities LLC’s holdings in Remitly Global were worth $1,168,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Arrowstreet Capital Limited Partnership grew its stake in Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after buying an additional 2,567,446 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its stake in Remitly Global by 46.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock valued at $90,159,000 after buying an additional 1,748,576 shares during the last quarter. Marshall Wace LLP grew its stake in Remitly Global by 74.4% in the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after buying an additional 1,962,076 shares during the last quarter. State Street Corp grew its stake in shares of Remitly Global by 4.5% in the second quarter. State Street Corp now owns 3,442,163 shares of the financial services provider’s stock valued at $64,609,000 after acquiring an additional 146,768 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Remitly Global by 61.0% in the third quarter. Wellington Management Group LLP now owns 2,895,300 shares of the financial services provider’s stock valued at $47,193,000 after acquiring an additional 1,096,970 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analyst Ratings Changes

RELY has been the topic of several research reports. Citigroup restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 19th. JPMorgan Chase & Co. decreased their price target on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. Cantor Fitzgerald upped their price target on shares of Remitly Global from $17.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, February 19th. Freedom Capital upgraded shares of Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. Finally, Bank of America initiated coverage on shares of Remitly Global in a research note on Tuesday, February 10th. They issued a “buy” rating and a $18.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $22.78.

Remitly Global Trading Down 1.2%

Shares of Remitly Global stock opened at $16.02 on Wednesday. The company has a market capitalization of $3.37 billion, a price-to-earnings ratio of 51.68, a PEG ratio of 0.57 and a beta of 0.09. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $24.70. The firm’s 50-day moving average price is $15.25 and its two-hundred day moving average price is $14.76.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. The firm had revenue of $442.18 million for the quarter, compared to the consensus estimate of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The business’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.03) earnings per share. On average, analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In other Remitly Global news, Director Joshua Hug sold 29,049 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $17.98, for a total transaction of $522,301.02. Following the sale, the director directly owned 3,575,733 shares in the company, valued at $64,291,679.34. This represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ltd Naspers sold 12,000,000 shares of the stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $15.98, for a total transaction of $191,760,000.00. Following the sale, the insider owned 13,441,745 shares in the company, valued at $214,799,085.10. The trade was a 47.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 12,084,720 shares of company stock valued at $193,194,734. Company insiders own 7.50% of the company’s stock.

Remitly Global Company 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.