Blair William & Co. IL Lowers Holdings in Remitly Global, Inc. $RELY

Key Points

• Blair William & Co. IL reduced its holdings in Remitly Global, Inc. by 12.0% during the 2nd quarter, resulting in ownership of 207,255 shares worth approximately $3.89 million.
• Despite the reduction by Blair William, several other hedge funds including Townsquare Capital LLC and KBC Group NV increased their stakes in Remitly Global during the same period.
• Research analysts have mixed sentiments on the stock; Weiss Ratings assigned a "sell" rating while Wall Street Zen upgraded it to "buy", showcasing a range ofViews on the company’s potential.

Blair William & Co. IL trimmed its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 12.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 207,255 shares of the financial services provider's stock after selling 28,279 shares during the quarter. Blair William & Co. IL owned 0.10% of Remitly Global worth $3,890,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Townsquare Capital LLC boosted its holdings in Remitly Global by 2.5% in the first quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider's stock valued at $393,000 after purchasing an additional 459 shares during the last quarter. Xponance Inc. boosted its stake in shares of Remitly Global by 4.8% during the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock worth $237,000 after acquiring an additional 518 shares in the last quarter. Elequin Capital LP purchased a new stake in shares of Remitly Global during the 1st quarter worth about $30,000. KBC Group NV boosted its stake in shares of Remitly Global by 29.8% during the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock worth $165,000 after acquiring an additional 1,823 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Remitly Global during the 1st quarter worth about $41,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Weiss Ratings reissued a "sell (d+)" rating on shares of Remitly Global in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research note on Sunday, September 7th. JMP Securities lowered their target price on shares of Remitly Global from $32.00 to $23.00 and set a "market outperform" rating on the stock in a research note on Monday, September 15th. The Goldman Sachs Group decreased their price target on shares of Remitly Global from $26.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday. Finally, Zacks Research lowered shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 6th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Remitly Global currently has a consensus rating of "Moderate Buy" and an average price target of $27.25.

Remitly Global Trading Down 0.9%

Shares of Remitly Global stock opened at $14.85 on Tuesday. The firm has a market capitalization of $3.06 billion, a PE ratio of 247.54 and a beta of 0.10. Remitly Global, Inc. has a twelve month low of $13.16 and a twelve month high of $27.32. The firm's 50-day moving average price is $17.80 and its 200 day moving average price is $19.15.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $411.85 million during the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The firm's revenue was up 34.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.06) EPS. On average, sell-side analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 40,777 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $18.41, for a total value of $750,704.57. Following the completion of the sale, the director owned 3,654,288 shares in the company, valued at approximately $67,275,442.08. This represents a 1.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider owned 182,926 shares of the company's stock, valued at approximately $3,658,520. The trade was a 2.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 93,943 shares of company stock worth $1,720,993 in the last quarter. Insiders own 8.10% of the company's stock.

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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