Millennium Management LLC Cuts Position in Remitly Global, Inc. (NASDAQ:RELY)

Millennium Management LLC lessened its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 91.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 218,554 shares of the financial services provider's stock after selling 2,200,351 shares during the quarter. Millennium Management LLC owned approximately 0.11% of Remitly Global worth $4,933,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Stifel Financial Corp boosted its stake in Remitly Global by 10.4% during the 4th quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock worth $1,290,000 after purchasing an additional 5,390 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Remitly Global during the 4th quarter valued at about $1,228,000. DHK Financial Advisors Inc. acquired a new position in shares of Remitly Global during the 4th quarter valued at about $273,000. Robeco Institutional Asset Management B.V. boosted its position in shares of Remitly Global by 8.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider's stock valued at $13,689,000 after acquiring an additional 49,200 shares during the last quarter. Finally, Bank of Montreal Can boosted its position in shares of Remitly Global by 3.6% during the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after acquiring an additional 1,435 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Trading Up 0.9%

RELY traded up $0.19 on Monday, hitting $21.55. The company had a trading volume of 3,221,682 shares, compared to its average volume of 2,054,304. The firm has a market cap of $4.39 billion, a P/E ratio of -113.42 and a beta of 0.16. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The company's fifty day moving average price is $21.05 and its 200 day moving average price is $21.99.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 2.93% and a negative return on equity of 6.10%. Remitly Global's revenue was up 34.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.11) EPS. On average, analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the sale, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This represents a 1.24% 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, Director Joshua Hug sold 20,000 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $21.07, for a total transaction of $421,400.00. Following the sale, the director now owns 3,713,811 shares in the company, valued at $78,249,997.77. This trade represents a 0.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,099,551 shares of company stock worth $276,596,340 over the last three months. Company insiders own 7.50% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RELY. BMO Capital Markets boosted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. KeyCorp boosted their price target on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. William Blair reissued an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. Monness Crespi & Hardt boosted their price target 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. Finally, Barclays boosted their price target on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $28.88.

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.