Adage Capital Partners GP L.L.C. Decreases Stock Holdings in Remitly Global, Inc. $RELY

Key Points

• Adage Capital Partners GP L.L.C. has reduced its stake in Remitly Global, Inc. (RELY) by 15.8%, holding 766,392 shares valued at approximately $15.94 million after the sale.
• Remitly recently posted a net revenue increase of 34.4% year-over-year, reporting $411.85 million for the quarter, but fell short of EPS estimates, achieving only $0.04 against an expected $0.18.
• The company is receiving mixed ratings from analysts, with Barclays raising its price target to $27.00 while Wall Street Zen downgraded it from "buy" to "hold".

Adage Capital Partners GP L.L.C. trimmed its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 15.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 766,392 shares of the financial services provider's stock after selling 143,608 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.38% of Remitly Global worth $15,941,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of RELY. Elequin Capital LP purchased a new position in Remitly Global during the first quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Remitly Global during the first quarter valued at $41,000. Exchange Traded Concepts LLC purchased a new stake in Remitly Global during the 1st quarter worth about $46,000. Caitong International Asset Management Co. Ltd purchased a new stake in Remitly Global during the 1st quarter worth about $66,000. Finally, KBC Group NV raised its stake in Remitly Global by 29.8% in the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock valued at $165,000 after purchasing an additional 1,823 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Stock Down 1.2%

Shares of RELY stock traded down $0.23 during trading hours on Thursday, hitting $18.64. 3,132,340 shares of the company were exchanged, compared to its average volume of 3,171,765. The firm has a fifty day moving average of $18.22 and a 200 day moving average of $19.94. Remitly Global, Inc. has a 1 year low of $12.43 and a 1 year high of $27.32. The firm has a market cap of $3.84 billion, a PE ratio of 310.72 and a beta of 0.13.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). The company had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The business's revenue for the quarter was up 34.4% on a year-over-year basis. During the same period last year, the company posted ($0.06) EPS. Analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider directly owned 182,926 shares in the company, valued at $3,658,520. This represents a 2.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the transaction, the director owned 112,496 shares in the company, valued at approximately $2,249,920. This trade represents a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,360 shares of company stock valued at $1,477,749. Corporate insiders own 7.50% of the company's stock.

Wall Street Analysts Forecast Growth

RELY has been the topic of several analyst reports. KeyCorp reaffirmed an "overweight" rating and set a $28.00 price target (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research note on Sunday. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.00.

About Remitly Global

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.