Remitly Global, Inc. (NASDAQ:RELY) Holdings Trimmed by Brighton Jones LLC

Brighton Jones LLC decreased its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 14.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 332,420 shares of the financial services provider's stock after selling 56,536 shares during the quarter. Brighton Jones LLC owned about 0.17% of Remitly Global worth $6,914,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Exchange Traded Concepts LLC acquired a new position in Remitly Global during the first quarter worth $46,000. SG Americas Securities LLC purchased a new position in shares of Remitly Global in the first quarter valued at $1,008,000. Simplicity Wealth LLC acquired a new position in shares of Remitly Global during the 1st quarter worth $580,000. DHK Financial Advisors Inc. raised its position in Remitly Global by 19.1% during the first quarter. DHK Financial Advisors Inc. now owns 14,425 shares of the financial services provider's stock worth $300,000 after acquiring an additional 2,316 shares during the last quarter. Finally, Rhumbline Advisers raised its position in shares of Remitly Global by 5.4% during the 1st quarter. Rhumbline Advisers now owns 219,702 shares of the financial services provider's stock worth $4,570,000 after purchasing an additional 11,213 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Stock Down 0.5%

Shares of RELY traded down $0.11 during mid-day trading on Wednesday, hitting $20.53. The stock had a trading volume of 3,598,868 shares, compared to its average volume of 2,140,180. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The company has a market cap of $4.19 billion, a PE ratio of -684.33 and a beta of 0.18. The company's fifty day simple moving average is $21.12 and its two-hundred day simple moving average is $21.97.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.09. The firm had revenue of $361.62 million during 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%. The firm's revenue was up 34.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.11) earnings per share. Equities analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RELY. William Blair restated an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. BMO Capital Markets lifted their price objective on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. KeyCorp lifted their target price on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Wells Fargo & Company upped their price target on Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. Finally, Monness Crespi & Hardt upped their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, Remitly Global presently has a consensus rating of "Moderate Buy" and an average price target of $28.88.

Insiders Place Their Bets

In related news, Director Phillip John Riese sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total transaction of $101,700.00. Following the completion of the sale, the director now directly owns 102,257 shares in the company, valued at approximately $2,079,907.38. This trade represents a 4.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joshua Hug sold 20,000 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $21.07, for a total value of $421,400.00. Following the completion of the transaction, the director now directly owns 3,713,811 shares in the company, valued at $78,249,997.77. This represents a 0.54% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,084,968 shares of company stock worth $276,321,392. 8.10% of the stock is owned by corporate insiders.

Remitly Global Company 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.