Remitly Global, Inc. (NASDAQ:RELY) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

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.

Connor Clark & Lunn Investment Management Ltd. lessened its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 14.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 about 0.44% of Remitly Global worth $18,829,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of RELY. LPL Financial LLC bought a new stake in shares of Remitly Global during the 4th quarter valued at $347,000. Geode Capital Management LLC grew its position in shares of Remitly Global by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider's stock valued at $79,666,000 after buying an additional 49,281 shares during the last quarter. Wells Fargo & Company MN increased its position 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 valued at $1,597,000 after purchasing an additional 24,559 shares during the period. Envestnet Asset Management Inc. raised its stake in Remitly Global by 221.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 53,774 shares of the financial services provider's stock worth $1,214,000 after buying an additional 37,046 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Remitly Global by 168.9% during the 4th quarter. Russell Investments Group Ltd. now owns 124,600 shares of the financial services provider's stock valued at $2,812,000 after purchasing an additional 78,256 shares in the last quarter. Institutional investors own 74.25% of the company's stock.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of the business's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total transaction of $101,700.00. Following the sale, the director directly owned 102,257 shares in the company, valued at $2,079,907.38. This represents a 4.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total value of $251,994.24. Following the completion of the transaction, the chief executive officer owned 4,212,849 shares of the company's stock, valued at $72,798,030.72. The trade was a 0.34% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 118,833 shares of company stock worth $2,475,443. Company insiders own 7.50% of the company's stock.

Remitly Global Stock Performance

NASDAQ:RELY traded down $0.33 during midday trading on Thursday, reaching $19.65. 1,218,499 shares of the stock traded hands, compared to its average volume of 2,945,277. The business has a 50-day moving average of $18.51 and a two-hundred day moving average of $20.80. The stock has a market capitalization of $4.05 billion, a PE ratio of 327.22 and a beta of 0.12. 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 data 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). The company had revenue of $411.85 million for the quarter, compared to analysts' expectations of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The business's quarterly revenue was up 34.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.06) EPS. Research analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. KeyCorp reaffirmed an "overweight" rating and issued a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Barclays raised their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Wall Street Zen cut Remitly Global from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. 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 note on Thursday, May 8th. Finally, Monness Crespi & Hardt raised 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 analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $29.00.

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.