Hsbc Holdings PLC Sells 120,300 Shares of Remitly Global, Inc. $RELY

Key Points

• HSBC Holdings reduced its Remitly Global position by 88.6% in the second quarter, selling 120,300 shares and retaining 15,501 shares valued at approximately $350,000. Institutional investors collectively own 74.25% of the company.
• Wall Street sentiment remains positive: Remitly has an average rating of “Buy”, with a consensus price target of $27.78. Several analysts recently raised their targets to between $30 and $33.
• Remitly reported quarterly earnings of $0.93 per share, far exceeding the $0.12 consensus estimate, while revenue rose 20.2% year over year to $495.16 million. Shares opened at $21.83, below their 12-month high of $27.48.

Hsbc Holdings PLC lowered its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 88.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,501 shares of the financial services provider's stock after selling 120,300 shares during the quarter. Hsbc Holdings PLC's holdings in Remitly Global were worth $350,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Empowered Funds LLC bought a new stake in Remitly Global during the 2nd quarter valued at $840,000. Corient Private Wealth LP bought a new position in shares of Remitly Global during the 2nd quarter worth $4,445,000. Bank of America Corp DE purchased a new position in shares of Remitly Global during the second quarter valued at $27,757,000. Freestone Grove Partners LP purchased a new position in shares of Remitly Global during the second quarter valued at $10,577,000. Finally, Odyssean LLC bought a new stake in shares of Remitly Global in the second quarter valued at about $1,826,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on RELY shares. Monness Crespi & Hardt reiterated a "buy" rating on shares of Remitly Global in a report on Thursday, August 6th. Citigroup restated an "outperform" rating on shares of Remitly Global in a report on Thursday, August 6th. Cantor Fitzgerald increased their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the company an "overweight" rating in a research note on Monday, August 10th. KeyCorp lifted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Finally, Wolfe Research upped their target price on Remitly Global from $31.00 to $32.00 and gave the stock an "outperform" rating in a report on Tuesday, August 25th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $27.78.

Remitly Global Trading Down 1.9%

Shares of RELY stock opened at $21.83 on Wednesday. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.48. The business's fifty day simple moving average is $24.49 and its 200-day simple moving average is $21.23. The company has a market cap of $4.62 billion, a PE ratio of 15.71 and a beta of 0.36.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.81. The business had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the company earned $0.03 earnings per share. On average, equities analysts forecast that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Insider Activity

In other Remitly Global news, Director Phillip Riese sold 69,818 shares of Remitly Global stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $23.54, for a total transaction of $1,643,515.72. Following the completion of the sale, the director owned 261,094 shares of the company's stock, valued at approximately $6,146,152.76. The trade was a 21.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Nigel Morris sold 6,300 shares of the business's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $27.03, for a total value of $170,289.00. Following the sale, the director owned 1,804,756 shares in the company, valued at approximately $48,782,554.68. The trade was a 0.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 490,038 shares of company stock valued at $12,132,406. 6.53% of the stock is owned by corporate insiders.

Remitly Global Company Profile

Remitly Global, Inc is a digital financial services company that provides international money transfer services. Through its mobile application and website, customers can send funds to family and friends in other countries using bank deposits, mobile wallets, cash pickup, and other local delivery options, depending on the destination.

The company focuses on serving immigrants and other customers who regularly send money across borders. Remitly emphasizes a digital-first experience with features such as transfer tracking, multiple delivery methods, localized payment options, and customer support.

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