Fieldview Capital Management LLC Lowers Stock Position in Remitly Global, Inc. $RELY

Fieldview Capital Management LLC trimmed its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 87.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,876 shares of the financial services provider’s stock after selling 164,113 shares during the quarter. Fieldview Capital Management LLC’s holdings in Remitly Global were worth $373,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Remitly Global by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after purchasing an additional 3,870 shares during the period. Millennium Management LLC increased its stake 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 purchasing an additional 124,798 shares during the period. Caxton Associates LLP acquired a new position in Remitly Global in the first quarter valued at $218,000. Focus Partners Wealth purchased a new stake in shares of Remitly Global in the first quarter valued at about $1,458,000. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Remitly Global by 8.2% in the second quarter. Envestnet Asset Management Inc. now owns 64,490 shares of the financial services provider’s stock valued at $1,210,000 after buying an additional 4,900 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on RELY. Oppenheimer set a $20.00 price target on Remitly Global in a report on Thursday, February 19th. JPMorgan Chase & Co. reduced their price objective on Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. The Goldman Sachs Group increased their price objective on Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, February 19th. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 19th. Finally, Weiss Ratings raised Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $22.78.

Insiders Place Their Bets

In other news, insider Pankaj Sharma sold 3,000 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $16.35, for a total transaction of $49,050.00. Following the completion of the transaction, the insider directly owned 215,830 shares of the company’s stock, valued at approximately $3,528,820.50. This represents a 1.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ryno Blignaut sold 4,500 shares of Remitly Global stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $12.89, for a total value of $58,005.00. Following the completion of the sale, the director owned 32,576 shares in the company, valued at approximately $419,904.64. This trade represents a 12.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 63,549 shares of company stock valued at $1,094,256. Corporate insiders own 8.10% of the company’s stock.

Remitly Global Trading Up 0.9%

Shares of Remitly Global stock opened at $17.08 on Wednesday. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-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. The company’s 50-day simple moving average is $14.42 and its 200-day simple moving average is $15.14. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 55.10 and a beta of 0.06.

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

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.