Massachusetts Financial Services Co. MA Sells 576,328 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Massachusetts Financial Services Co. MA reduced its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 40.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 842,277 shares of the financial services provider's stock after selling 576,328 shares during the period. Massachusetts Financial Services Co. MA owned 0.41% of Remitly Global worth $17,519,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Norges Bank acquired a new stake in shares of Remitly Global during the fourth quarter worth approximately $66,169,000. Price T Rowe Associates Inc. MD grew its position in shares of Remitly Global by 1,032.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider's stock worth $31,614,000 after buying an additional 1,276,991 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its position in shares of Remitly Global by 34.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock worth $107,751,000 after buying an additional 1,220,806 shares in the last quarter. Marshall Wace LLP grew its position in shares of Remitly Global by 146.4% during the fourth quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider's stock worth $35,456,000 after buying an additional 933,253 shares in the last quarter. Finally, Marathon Partners Equity Management LLC acquired a new stake in shares of Remitly Global during the fourth quarter worth approximately $20,877,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on RELY. KeyCorp raised their price target on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. The Goldman Sachs Group raised their target price on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. JMP Securities restated a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th. 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 note on Thursday, May 8th. Finally, 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 note on Monday, May 12th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Remitly Global has an average rating of "Moderate Buy" and an average price target of $28.88.

Remitly Global Trading Down 1.0%

NASDAQ:RELY traded down $0.17 during mid-day trading on Friday, reaching $17.01. 3,441,068 shares of the stock were exchanged, compared to its average volume of 2,229,932. The business has a fifty day moving average price of $20.25 and a 200 day moving average price of $21.47. The firm has a market capitalization of $3.47 billion, a PE ratio of -567.00 and a beta of 0.13. Remitly Global, Inc. has a 1-year low of $12.43 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.09. The firm had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative return on equity of 0.70% and a negative net margin of 0.34%. Remitly Global's revenue was up 34.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.11) earnings per share. On average, sell-side analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Activity

In related news, Director Phillip John Riese sold 5,000 shares of Remitly Global stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total value of $101,700.00. Following the transaction, the director owned 102,257 shares of the company's stock, valued at approximately $2,079,907.38. This trade represents a 4.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total value of $251,994.24. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,089,551 shares of company stock valued at $276,376,287 over the last quarter. Insiders own 7.50% of the company's stock.

Remitly Global Company 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.