Remitly Global, Inc. (NASDAQ:RELY) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 10.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 597,515 shares of the financial services provider's stock after selling 66,551 shares during the quarter. Bank of New York Mellon Corp owned about 0.30% of Remitly Global worth $12,428,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in RELY. Proficio Capital Partners LLC bought a new position in shares of Remitly Global in the fourth quarter valued at approximately $315,000. Swiss National Bank boosted its holdings in Remitly Global by 2.1% during the fourth quarter. Swiss National Bank now owns 287,800 shares of the financial services provider's stock worth $6,496,000 after buying an additional 6,000 shares in the last quarter. Cibc World Markets Corp bought a new stake in Remitly Global during the fourth quarter worth approximately $315,000. Xponance Inc. bought a new stake in Remitly Global during the fourth quarter worth approximately $245,000. Finally, Sei Investments Co. boosted its holdings in Remitly Global by 4.8% during the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock worth $313,000 after buying an additional 636 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RELY has been the subject of a number of recent analyst reports. JMP Securities reaffirmed a "market outperform" rating and issued a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th. Monness Crespi & Hardt raised their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th. The Goldman Sachs Group raised their target price on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. KeyCorp raised their price target on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Finally, 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 report on Monday, May 12th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $28.88.

Insiders Place Their Bets

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total value of $251,994.24. Following the sale, the chief executive officer directly owned 4,212,849 shares in the company, valued at approximately $72,798,030.72. The trade was a 0.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joshua Hug sold 20,000 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $21.07, for a total value of $421,400.00. Following the completion of the sale, the director directly owned 3,713,811 shares of the company's stock, valued at approximately $78,249,997.77. This represents a 0.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,079,551 shares of company stock worth $276,183,987 in the last quarter. Insiders own 8.10% of the company's stock.

Remitly Global Stock Down 0.2%

Shares of RELY traded down $0.04 during trading hours on Tuesday, hitting $17.23. The company had a trading volume of 3,602,666 shares, compared to its average volume of 2,241,086. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of -574.33 and a beta of 0.13. The business has a fifty day moving average of $20.25 and a 200-day moving average of $21.46. Remitly Global, Inc. has a 12 month low of $12.43 and a 12 month high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.09. The business had revenue of $361.62 million for the quarter, compared to the consensus estimate of $347.81 million. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. Remitly Global's revenue was up 34.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.11) earnings per share. On average, equities analysts expect 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.