Arrowstreet Capital Limited Partnership Reduces Stock Holdings in Remitly Global, Inc. $RELY

Arrowstreet Capital Limited Partnership lowered its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 1.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,737,471 shares of the financial services provider’s stock after selling 67,926 shares during the quarter. Arrowstreet Capital Limited Partnership owned 2.25% of Remitly Global worth $74,236,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Remitly Global by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after buying an additional 3,870 shares during the last quarter. Millennium Management LLC lifted its holdings in Remitly Global by 57.1% in the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after acquiring an additional 124,798 shares during the period. Caxton Associates LLP purchased a new stake in Remitly Global in the 1st quarter worth approximately $218,000. Focus Partners Wealth purchased a new stake in Remitly Global in the 1st quarter worth approximately $1,458,000. Finally, Cetera Investment Advisers grew its stake in shares of Remitly Global by 12.0% during the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 1,286 shares during the period. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

Shares of RELY opened at $22.53 on Monday. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $25.75. The firm’s fifty day moving average is $21.65 and its two-hundred day moving average is $18.40. The stock has a market cap of $4.74 billion, a PE ratio of 45.98 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.11. The firm had revenue of $452.80 million for the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The company’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same period last year, the firm posted $0.05 earnings per share. As a group, research analysts anticipate that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In other news, Director Bora Chung sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total value of $257,040.00. Following the completion of the sale, the director directly owned 125,317 shares in the company, valued at $2,684,290.14. This represents a 8.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Pankaj Sharma sold 16,000 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total value of $320,160.00. Following the completion of the sale, the insider directly owned 767,810 shares of the company’s stock, valued at approximately $15,363,878.10. This represents a 2.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 187,188 shares of company stock worth $4,087,718. 6.53% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

RELY has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. The Goldman Sachs Group lifted their price target on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. KeyCorp increased their price target on Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, July 16th. Finally, Monness Crespi & Hardt boosted their price objective on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $25.50.

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.