First Trust Advisors LP Sells 68,755 Shares of Remitly Global, Inc. $RELY

Key Points

• First Trust Advisors LP reduced its Remitly Global stake by 43.6%, selling 68,755 shares and retaining 88,950 shares valued at approximately $1.394 million. Institutional investors collectively own 74.25% of the company.
• Remitly reported strong quarterly results, with earnings of $0.93 per share versus the $0.12 consensus estimate and revenue of $495.16 million, up 20.2% year over year.
• Analyst sentiment remains favorable, with the stock carrying a “Moderate Buy” consensus rating and a $27.44 average price target; recent targets include $31 from Wolfe Research and $33 from KeyCorp.

First Trust Advisors LP trimmed its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 43.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,950 shares of the financial services provider's stock after selling 68,755 shares during the period. First Trust Advisors LP's holdings in Remitly Global were worth $1,394,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Baillie Gifford & Co. increased its position in Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider's stock valued at $160,888,000 after acquiring an additional 3,790,210 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider's stock worth $90,530,000 after purchasing an additional 2,567,446 shares in the last quarter. Marshall Wace LLP grew its stake in shares of Remitly Global by 74.4% during the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider's stock valued at $74,966,000 after purchasing an additional 1,962,076 shares during the last quarter. Capital International Investors bought a new stake in shares of Remitly Global during the fourth quarter valued at approximately $24,328,000. Finally, UBS Group AG increased its holdings in shares of Remitly Global by 189.7% in the third quarter. UBS Group AG now owns 2,418,069 shares of the financial services provider's stock valued at $39,415,000 after purchasing an additional 1,583,432 shares in the last quarter. Institutional investors own 74.25% of the company's stock.

Remitly Global Stock Performance

NASDAQ:RELY opened at $24.42 on Monday. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15. The stock has a market cap of $5.17 billion, a price-to-earnings ratio of 17.57 and a beta of 0.34. The stock has a 50-day moving average price of $22.24 and a two-hundred day moving average price of $19.12.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business's quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the company posted $0.03 EPS. Sell-side analysts forecast that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Insider Activity at Remitly Global

In related news, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $526,750.00. Following the completion of the transaction, the chief financial officer directly owned 988,004 shares in the company, valued at approximately $20,817,244.28. This trade represents a 2.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ankur Sinha sold 7,596 shares of Remitly Global stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $160,047.72. Following the completion of the sale, the insider directly owned 1,222,718 shares in the company, valued at approximately $25,762,668.26. This represents a 0.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 136,005 shares of company stock valued at $2,869,717 over the last ninety days. Company insiders own 6.53% of the company's stock.

Analyst Ratings Changes

RELY has been the topic of a number of recent research reports. Wolfe Research reiterated an "outperform" rating and issued a $31.00 price objective on shares of Remitly Global in a research report on Thursday. KeyCorp boosted their target price on Remitly Global from $28.00 to $33.00 and gave the stock an "overweight" rating in a research report on Thursday. Citigroup reaffirmed an "outperform" rating on shares of Remitly Global in a research note on Thursday. Zacks Research cut Remitly Global from a "strong-buy" rating to a "hold" rating in a report on Monday, April 20th. Finally, Cantor Fitzgerald lifted their price objective on Remitly Global from $24.00 to $28.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $27.44.

Remitly Global Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.

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