Remitly Global, Inc. $RELY Shares Sold by Citigroup Inc.

Citigroup Inc. decreased its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 95.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 197,658 shares of the financial services provider’s stock after selling 3,972,845 shares during the quarter. Citigroup Inc. owned approximately 0.09% of Remitly Global worth $3,222,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of RELY. California State Teachers Retirement System increased its holdings in Remitly Global by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after purchasing an additional 679 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in shares of Remitly Global by 29.9% in the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after buying an additional 714 shares during the last quarter. AlphaQuest LLC raised its holdings in Remitly Global by 34.4% in the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock valued at $71,000 after acquiring an additional 1,115 shares in the last quarter. Cetera Investment Advisers boosted its stake in Remitly Global by 12.0% during the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock valued at $226,000 after acquiring an additional 1,286 shares during the last quarter. Finally, Strs Ohio grew its holdings in Remitly Global by 3.2% during the 2nd quarter. Strs Ohio now owns 51,900 shares of the financial services provider’s stock worth $974,000 after acquiring an additional 1,600 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insiders Place Their Bets

In related 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 value of $522,301.02. Following the completion of the transaction, the director owned 3,575,733 shares in the company, valued at $64,291,679.34. This represents a 0.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Vikas D. Mehta sold 25,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $17.50, for a total transaction of $437,500.00. Following the sale, the chief financial officer owned 862,759 shares in the company, valued at $15,098,282.50. This trade represents a 2.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 66,549 shares of company stock worth $1,139,256. Insiders own 7.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Weiss Ratings upgraded Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. JPMorgan Chase & Co. decreased their target price on Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Wall Street Zen upgraded Remitly Global from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Finally, The Goldman Sachs Group upped their price target on Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Remitly Global has a consensus rating of “Buy” and a consensus price target of $22.78.

Remitly Global Stock Down 0.2%

RELY stock opened at $17.33 on Friday. The stock has a market cap of $3.65 billion, a PE ratio of 55.90 and a beta of 0.06. The firm’s 50-day simple moving average is $14.24 and its 200 day simple moving average is $15.24. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.70. 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 (NASDAQ:RELY) last posted its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, topping the consensus estimate of $0.02 by $0.17. The firm had revenue of $442.18 million during the quarter, compared to analysts’ expectations of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. Remitly Global’s quarterly revenue was up 25.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.03) EPS. As a group, sell-side analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

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.