Fox Run Management L.L.C. Trims Holdings in Remitly Global, Inc. $RELY

Key Points

• Fox Run Management L.L.C. reduced its holdings in Remitly Global, Inc. by 40.1%, owning 25,687 shares worth approximately $534,000 after selling 17,224 shares in the first quarter.
• Remitly Global reported a quarterly EPS of $0.04, missing analysts’ estimates, although its revenue of $411.85 million exceeded expectations and showed a year-over-year increase of 34.4%.
• Several institutional investors recently modified their stakes in Remitly Global, with 74.25% of the company's stock currently owned by these investors, indicating a significant level of institutional interest.

Fox Run Management L.L.C. trimmed its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 40.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,687 shares of the financial services provider's stock after selling 17,224 shares during the quarter. Fox Run Management L.L.C.'s holdings in Remitly Global were worth $534,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Stifel Financial Corp grew its position in Remitly Global by 10.4% in the 4th quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock valued at $1,290,000 after buying an additional 5,390 shares during the last quarter. Teacher Retirement System of Texas purchased a new position in Remitly Global in the 1st quarter valued at $1,231,000. Bank of Montreal Can grew its position in Remitly Global by 3.6% in the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after buying an additional 1,435 shares during the last quarter. Wells Fargo & Company MN grew its position in Remitly Global by 53.1% in 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 buying an additional 24,559 shares during the last quarter. Finally, KBC Group NV grew its position in Remitly Global by 29.8% in the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock valued at $165,000 after buying an additional 1,823 shares during the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. KeyCorp reiterated an "overweight" rating and issued a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research note on Sunday. Monness Crespi & Hardt upped their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Barclays upped their price target on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Finally, The Goldman Sachs Group upped their price target on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Remitly Global currently has a consensus rating of "Moderate Buy" and an average price target of $29.00.

Remitly Global Stock Down 1.1%

Shares of Remitly Global stock traded down $0.21 on Thursday, hitting $18.62. The company's stock had a trading volume of 1,873,152 shares, compared to its average volume of 2,948,490. Remitly Global, Inc. has a 52-week low of $12.43 and a 52-week high of $27.32. The firm has a fifty day moving average price of $18.39 and a 200-day moving average price of $20.65. The company has a market capitalization of $3.84 billion, a P/E ratio of 310.39 and a beta of 0.12.

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 the consensus estimate of $0.18 by ($0.14). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The business had revenue of $411.85 million during the quarter, compared to analysts' expectations of $384.59 million. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. Remitly Global's quarterly revenue was up 34.4% on a year-over-year basis. As a group, analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In other Remitly Global news, Director Joshua Hug sold 10,000 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $19.65, for a total value of $196,500.00. Following the transaction, the director directly owned 3,663,811 shares in the company, valued at approximately $71,993,886.15. This represents a 0.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Phillip John Riese sold 5,000 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00. Following the completion of the transaction, the director owned 112,496 shares in the company, valued at approximately $2,249,920. This trade represents a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,250 shares of company stock worth $2,623,250. 7.50% of the stock is owned by company insiders.

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.