JPMorgan Chase & Co. Has $34.86 Million Position in Remitly Global, Inc. $RELY

JPMorgan Chase & Co. lifted its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 5.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,138,754 shares of the financial services provider’s stock after purchasing an additional 104,716 shares during the period. JPMorgan Chase & Co. owned 1.02% of Remitly Global worth $34,862,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. 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 valued at $1,848,000 after purchasing an additional 3,870 shares during the period. Millennium Management LLC increased its position in Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after buying an additional 124,798 shares during the period. Caxton Associates LLP acquired a new position in shares of Remitly Global during the first quarter worth approximately $218,000. Focus Partners Wealth acquired a new position in shares of Remitly Global during the first quarter worth approximately $1,458,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Remitly Global by 38.8% in the second quarter. PNC Financial Services Group Inc. now owns 18,071 shares of the financial services provider’s stock valued at $339,000 after acquiring an additional 5,050 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 9,741 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $16.94, for a total value of $165,012.54. Following the completion of the sale, the insider owned 1,180,119 shares in the company, valued at approximately $19,991,215.86. This trade represents a 0.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ltd Naspers sold 12,000,000 shares of the business’s 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 completion of the transaction, the insider directly owned 13,441,745 shares of the company’s stock, valued at approximately $214,799,085.10. This represents a 47.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 12,073,290 shares of company stock worth $193,019,269. Corporate insiders own 8.10% of the company’s stock.

Remitly Global Stock Down 2.2%

Shares of RELY opened at $15.35 on Monday. The business’s 50 day simple moving average is $14.76 and its 200-day simple moving average is $14.97. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. The company has a market capitalization of $3.23 billion, a P/E ratio of 49.52, a PEG ratio of 0.54 and a beta of 0.06. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.70.

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

Wall Street Analyst Weigh In

RELY has been the topic of several research analyst reports. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 20th. Cantor Fitzgerald upped their target price 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. Citizens Jmp increased their price target on shares of Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Thursday, February 19th. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 19th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Remitly Global currently has a consensus rating of “Buy” and a consensus price target of $22.78.

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.