Pictet Asset Management Holding SA Lowers Stock Holdings in Remitly Global, Inc. $RELY

Key Points

• Pictet Asset Management cut its stake in Remitly by 59.0% in Q4, selling 137,426 shares and retaining 95,323 shares valued at about $1.315 million.
• Large insider selling occurred this quarter — notably Ltd Naspers sold 12,000,000 shares for roughly $191.8 million — with total insider sales of ~12.16 million shares (~$194.8 million); insiders now own 6.53% of the company.
• Remitly beat Q4 expectations ($0.19 EPS vs $0.02 consensus) with revenue up 25.7% year-over-year, the stock trades near its 52-week high (~$23.75) with a market cap of about $5 billion and a consensus analyst target of $22.67 ("Moderate Buy").

Pictet Asset Management Holding SA reduced its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 59.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 95,323 shares of the financial services provider's stock after selling 137,426 shares during the period. Pictet Asset Management Holding SA's holdings in Remitly Global were worth $1,315,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Remitly Global by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider's stock worth $1,848,000 after acquiring an additional 3,870 shares in the last quarter. Millennium Management LLC boosted its stake in Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider's stock worth $7,142,000 after buying an additional 124,798 shares during the last quarter. Caxton Associates LLP acquired a new stake in Remitly Global during the first quarter worth about $218,000. Focus Partners Wealth acquired a new stake in shares of Remitly Global during the 1st quarter worth approximately $1,458,000. Finally, Cetera Investment Advisers raised its holdings in Remitly Global by 12.0% in the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider's stock valued at $226,000 after buying an additional 1,286 shares during the period. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $23.75 on Wednesday. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.70. The business has a fifty day simple moving average of $17.54 and a 200-day simple moving average of $15.26. The company has a market cap of $4.99 billion, a P/E ratio of 76.60, a P/E/G ratio of 0.84 and a beta of 0.40. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, topping the consensus estimate of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The company had revenue of $442.18 million during the quarter, compared to analyst estimates of $427.27 million. During the same period in the prior year, the firm posted ($0.03) earnings per share. The firm's revenue was up 25.7% on a year-over-year basis. Equities research analysts forecast that Remitly Global, Inc. will post 0.51 EPS for the current year.

Insider Activity

In other news, insider Ankur Sinha sold 9,741 shares of the company's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $16.94, for a total value of $165,012.54. Following the completion of the sale, the insider owned 1,180,119 shares of the company's stock, valued at $19,991,215.86. This represents a 0.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ltd Naspers sold 12,000,000 shares of the business's stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $15.98, for a total value of $191,760,000.00. Following the transaction, the insider directly owned 13,441,745 shares in the company, valued at $214,799,085.10. This trade represents a 47.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 12,163,520 shares of company stock worth $194,773,102 in the last quarter. Insiders own 6.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on RELY shares. Wall Street Zen lowered shares of Remitly Global from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 28th. JPMorgan Chase & Co. dropped their price target on shares of Remitly Global from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 20th. Cantor Fitzgerald raised their target price on shares of Remitly Global from $20.00 to $24.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 21st. The Goldman Sachs Group increased their price objective on Remitly Global from $17.00 to $20.00 and gave the stock a "buy" rating in a research report on Thursday, February 19th. Finally, Freedom Capital raised shares of Remitly Global to a "strong-buy" rating in a report on Wednesday, April 1st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Remitly Global presently has an average rating of "Moderate Buy" and a consensus target price of $22.67.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.

Want to see what other hedge funds are holding RELY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Remitly Global, Inc. (NASDAQ:RELY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.