PEAK6 LLC Sells 58,098 Shares of Remitly Global, Inc. $RELY

Key Points

• PEAK6 LLC reduced its stake in Remitly Global, Inc. by 81.8%, holding approximately $269,000 worth of shares after selling 58,098 shares in the first quarter.
• Other institutional investors such as Stifel Financial Corp and Teacher Retirement System of Texas have increased their stakes in Remitly Global, with a majority of the stock, 74.25%, owned by institutional investors.
• Remitly reported a quarterly earnings miss, with $0.04 EPS compared to the expected $0.18, while their revenue grew by 34.4% year-over-year, reaching $411.85 million.

PEAK6 LLC lowered its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 81.8% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 12,921 shares of the financial services provider's stock after selling 58,098 shares during the period. PEAK6 LLC's holdings in Remitly Global were worth $269,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Walleye Capital LLC acquired a new position in Remitly Global during the 1st quarter valued at about $3,517,000. Jump Financial LLC purchased a new position in shares of Remitly Global in the 1st quarter worth approximately $8,223,000. AlphaQuest LLC purchased a new position in shares of Remitly Global in the 1st quarter worth approximately $203,000. Whetstone Capital Advisors LLC boosted its stake in shares of Remitly Global by 16,740.0% in the 1st quarter. Whetstone Capital Advisors LLC now owns 311,372 shares of the financial services provider's stock worth $6,477,000 after buying an additional 309,523 shares during the last quarter. Finally, Osterweis Capital Management Inc. purchased a new position in shares of Remitly Global in the 1st quarter worth approximately $7,566,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 4,000 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 $80,000.00. Following the completion of the sale, the insider directly owned 182,926 shares in the company, valued at $3,658,520. This represents a 2.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 sale, the director owned 112,496 shares of the company's stock, valued at approximately $2,249,920. The trade was a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 84,360 shares of company stock valued at $1,579,449. Corporate insiders own 8.10% of the company's stock.

Analysts Set New Price Targets

RELY has been the topic of a number of research analyst reports. The Goldman Sachs Group boosted their target price on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Wall Street Zen downgraded Remitly Global from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Monness Crespi & Hardt lifted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Barclays lifted their price target on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Finally, KeyCorp reaffirmed an "overweight" rating and issued a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Eight investment 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 has an average rating of "Moderate Buy" and an average target price of $29.00.

Remitly Global Stock Up 1.2%

NASDAQ:RELY traded up $0.23 during midday trading on Thursday, hitting $19.68. The company had a trading volume of 3,557,445 shares, compared to its average volume of 2,981,015. Remitly Global, Inc. has a 52-week low of $12.43 and a 52-week high of $27.32. The stock's fifty day moving average price is $18.12 and its 200-day moving average price is $20.19. The company has a market capitalization of $4.06 billion, a PE ratio of 328.05 and a beta of 0.13.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The business had revenue of $411.85 million for the quarter, compared to analysts' expectations of $384.59 million. During the same quarter in the previous year, the company earned ($0.06) earnings per share. The business's quarterly revenue was up 34.4% on a year-over-year basis. As a group, research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

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.