Alliancebernstein L.P. Has $106.87 Million Position in Remitly Global, Inc. $RELY

Key Points

• Alliancebernstein L.P. significantly increased its stake in Remitly Global by 366.8% in Q1, owning approximately $106.87 million worth of shares.
• Remitly reported a revenue of $411.85 million for the last quarter, showing a 34.4% increase year-over-year, but missed EPS estimates by $0.14.
• Analysts have mixed ratings for Remitly, with recent price targets ranging from $27.00 to $29.00, reflecting an overall rating of "Moderate Buy".

Alliancebernstein L.P. increased its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 366.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,137,834 shares of the financial services provider's stock after purchasing an additional 4,037,151 shares during the quarter. Alliancebernstein L.P. owned approximately 2.52% of Remitly Global worth $106,867,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in RELY. Northern Trust Corp boosted its holdings in shares of Remitly Global by 16.8% during the fourth quarter. Northern Trust Corp now owns 1,505,543 shares of the financial services provider's stock worth $33,980,000 after purchasing an additional 216,418 shares during the period. Comerica Bank boosted its holdings in shares of Remitly Global by 2.1% during the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock worth $577,000 after purchasing an additional 534 shares during the period. Algert Global LLC boosted its holdings in shares of Remitly Global by 53.4% during the fourth quarter. Algert Global LLC now owns 85,002 shares of the financial services provider's stock worth $1,918,000 after purchasing an additional 29,603 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Remitly Global by 24.5% during the fourth quarter. Ameriprise Financial Inc. now owns 210,198 shares of the financial services provider's stock worth $4,744,000 after purchasing an additional 41,346 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in Remitly Global in the fourth quarter valued at approximately $9,301,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Joshua Hug sold 40,777 shares of the business's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $18.41, for a total transaction of $750,704.57. Following the transaction, the director owned 3,654,288 shares of the company's stock, valued at approximately $67,275,442.08. The trade was a 1.10% 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 business's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total transaction of $101,700.00. Following the transaction, the director directly owned 102,257 shares in the company, valued at $2,079,907.38. This trade represents a 4.66% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,360 shares of company stock worth $1,579,449. 7.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

RELY has been the subject of a number of analyst reports. Barclays lifted their target price on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. KeyCorp reiterated 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. Finally, Wall Street Zen cut shares of Remitly Global from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Remitly Global has an average rating of "Moderate Buy" and an average target price of $29.00.

Remitly Global Stock Down 1.0%

NASDAQ:RELY opened at $19.49 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 cap of $4.02 billion, a price-to-earnings ratio of 324.89 and a beta of 0.13. The company's 50 day moving average is $18.15 and its 200-day moving average is $20.09.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $384.59 million. During the same period in the prior year, the business earned ($0.06) EPS. The company's revenue for the quarter was up 34.4% compared to the same quarter last year. Research analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Remitly Global Profile

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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