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Connor Clark & Lunn Investment Management Ltd. Sells 155,407 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Remitly Global logo with Business Services background

Key Points

  • Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Remitly Global, Inc. by 14.7%, selling 155,407 shares and now owning 905,227 shares worth $18.8 million.
  • Several institutional investors have increased their positions in Remitly, with Wells Fargo & Company MN raising its stake by 53.1% during the fourth quarter.
  • Analysts have mixed ratings for Remitly Global, with KeyCorp giving it an "overweight" rating and a target price of $28.00, while Wall Street Zen downgraded it from a "buy" to a "hold" rating.
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Connor Clark & Lunn Investment Management Ltd. decreased its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 14.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 905,227 shares of the financial services provider's stock after selling 155,407 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.44% of Remitly Global worth $18,829,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Stifel Financial Corp raised its stake in Remitly Global by 10.4% during the 4th quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock worth $1,290,000 after acquiring an additional 5,390 shares during the period. Teacher Retirement System of Texas bought a new stake in Remitly Global during the 1st quarter worth approximately $1,231,000. Bank of Montreal Can raised its stake in Remitly Global by 3.6% during the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock worth $931,000 after acquiring an additional 1,435 shares during the period. Wells Fargo & Company MN raised its stake in Remitly Global by 53.1% during the 4th quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider's stock worth $1,597,000 after acquiring an additional 24,559 shares during the period. Finally, KBC Group NV raised its stake in 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 during the period. Institutional investors own 74.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on RELY shares. KeyCorp restated an "overweight" rating and set a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research note on Thursday. Wall Street Zen cut shares of Remitly Global from a "buy" rating to a "hold" rating in a research report on Saturday. The Goldman Sachs Group lifted their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Barclays lifted their price objective 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. Finally, Monness Crespi & Hardt lifted 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. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Remitly Global has a consensus rating of "Moderate Buy" and an average price target of $29.00.

Get Our Latest Report on RELY

Remitly Global Stock Performance

RELY stock opened at $19.00 on Friday. The firm has a fifty day moving average price of $18.61 and a 200 day moving average price of $20.86. Remitly Global, Inc. has a fifty-two week low of $12.43 and a fifty-two week high of $27.32. The firm has a market cap of $3.92 billion, a PE ratio of 316.72 and a beta of 0.12.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share 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 business had revenue of $411.85 million during the quarter, compared to analysts' expectations of $384.59 million. During the same period last year, the business posted ($0.06) earnings per share. The company's revenue for the quarter was up 34.4% compared to the same quarter last year. On average, equities analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Buying and Selling at Remitly Global

In other news, Director Phillip John Riese sold 5,000 shares of the 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 completion of the transaction, the director directly owned 102,257 shares in the company, valued at approximately $2,079,907.38. This represents a 4.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joshua Hug sold 60,777 shares of the stock in a transaction on 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 disclosure for this sale can be found here. In the last quarter, insiders sold 12,041,833 shares of company stock worth $275,390,023. Insiders own 7.50% of the company's stock.

Remitly Global Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Remitly Global (NASDAQ:RELY)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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