Algert Global LLC Sells 43,880 Shares of Remitly Global, Inc. $RELY

Key Points

• Algert Global LLC reduced its stake in Remitly Global, Inc. by 51.6%, selling 43,880 shares during the first quarter, leaving it with 41,122 shares worth approximately $855,000.
• Director Joshua Hug sold 60,777 shares of Remitly Global stock, valued at about $1.29 million, while CEO Matthew B. Oppenheimer sold 14,583 shares valued at approximately $252,000.
• Wall Street analysts remain optimistic with the stock's consensus rating of "Moderate Buy" and an average target price of $29.00, supported by recent upward revisions from several analysts.

Algert Global LLC trimmed its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 51.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 41,122 shares of the financial services provider's stock after selling 43,880 shares during the period. Algert Global LLC's holdings in Remitly Global were worth $855,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. American Century Companies Inc. bought a new stake in Remitly Global in the first quarter valued at $1,201,000. Lord Abbett & CO. LLC grew its holdings in shares of Remitly Global by 103.8% during the first quarter. Lord Abbett & CO. LLC now owns 1,743,496 shares of the financial services provider's stock worth $36,265,000 after purchasing an additional 887,859 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Remitly Global in the first quarter valued at $66,000. LGT Fund Management Co Ltd. acquired a new stake in shares of Remitly Global in the first quarter valued at $2,995,000. Finally, Russell Investments Group Ltd. increased its stake in shares of Remitly Global by 21.8% in the first quarter. Russell Investments Group Ltd. now owns 151,705 shares of the financial services provider's stock valued at $3,155,000 after buying an additional 27,105 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 60,777 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $21.22, for a total value of $1,289,687.94. Following the transaction, the director owned 3,733,811 shares of the company's stock, valued at approximately $79,231,469.42. This represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total value of $251,994.24. Following the completion of the transaction, the chief executive officer directly owned 4,212,849 shares in the company, valued at $72,798,030.72. The trade was a 0.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 128,250 shares of company stock valued at $2,623,250 over the last ninety days. Company insiders own 7.50% of the company's stock.

Remitly Global Stock Up 2.3%

Shares of RELY opened at $19.05 on Friday. Remitly Global, Inc. has a 12-month low of $12.43 and a 12-month high of $27.32. The firm has a market capitalization of $3.93 billion, a PE ratio of 317.55 and a beta of 0.12. The stock's fifty day simple moving average is $18.36 and its 200-day simple moving average is $20.55.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Barclays raised their target price on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research note on Sunday, August 17th. Monness Crespi & Hardt boosted their target price on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. The Goldman Sachs Group boosted their target price on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, KeyCorp reaffirmed an "overweight" rating and issued a $28.00 target price (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Remitly Global has a consensus rating of "Moderate Buy" and an average target price 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.

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