Northern Trust Corp Sells 50,490 Shares of Remitly Global, Inc. $RELY

Key Points

• Northern Trust Corp reduced its stake in Remitly Global, Inc. by 3.4%, owning 1,455,053 shares after selling 50,490 shares in the first quarter.
• Remitly reported earnings per share of $0.04 for the last quarter, missing estimates of $0.18, while revenue increased 34.4% year-over-year to $411.85 million.
• Analyst ratings show a consensus of eight "buy" ratings and one "hold," with a current average target price of $29.00 for Remitly Global stock.

Northern Trust Corp cut its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,455,053 shares of the financial services provider's stock after selling 50,490 shares during the quarter. Northern Trust Corp owned about 0.71% of Remitly Global worth $30,265,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RELY. Elequin Capital LP acquired a new position in shares of Remitly Global in the 1st quarter worth approximately $30,000. Versor Investments LP grew its position in Remitly Global by 14.4% during the first quarter. Versor Investments LP now owns 30,100 shares of the financial services provider's stock valued at $626,000 after purchasing an additional 3,800 shares in the last quarter. American Century Companies Inc. purchased a new position in Remitly Global during the first quarter valued at approximately $1,201,000. Lord Abbett & CO. LLC grew its position in Remitly Global by 103.8% during the first quarter. Lord Abbett & CO. LLC now owns 1,743,496 shares of the financial services provider's stock valued at $36,265,000 after purchasing an additional 887,859 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Remitly Global during the first quarter valued at approximately $66,000. 74.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. KeyCorp reiterated an "overweight" rating and issued a $28.00 target price (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Barclays lifted their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Wall Street Zen cut shares of Remitly Global from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. The Goldman Sachs Group lifted their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Finally, Monness Crespi & Hardt lifted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.00.

Remitly Global Stock Up 0.6%

Shares of RELY stock traded up $0.12 on Thursday, reaching $19.57. The company had a trading volume of 1,637,114 shares, compared to its average volume of 2,969,132. The business's 50-day moving average is $18.12 and its 200 day moving average is $20.19. Remitly Global, Inc. has a one year low of $12.43 and a one year high of $27.32. The stock has a market capitalization of $4.03 billion, a PE ratio of 326.15 and a beta of 0.13.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results 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). The business had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The firm's quarterly revenue was up 34.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.06) earnings per share. On average, sell-side analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 40,777 shares of Remitly Global stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $18.41, for a total value of $750,704.57. Following the sale, the director owned 3,654,288 shares of the company's stock, valued at approximately $67,275,442.08. The trade was a 1.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider directly owned 182,926 shares in the company, valued at approximately $3,658,520. This represents a 2.14% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,360 shares of company stock worth $1,579,449. 8.10% 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.