Remitly Global, Inc. (NASDAQ:RELY) Stock Holdings Cut by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 63.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 688,780 shares of the financial services provider's stock after selling 1,182,689 shares during the quarter. Principal Financial Group Inc. owned approximately 0.34% of Remitly Global worth $14,327,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Exchange Traded Concepts LLC acquired a new stake in Remitly Global during the first quarter valued at approximately $46,000. KBC Group NV raised its stake in Remitly Global by 29.8% during the first quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock valued at $165,000 after buying an additional 1,823 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in Remitly Global during the fourth quarter valued at approximately $211,000. Xponance Inc. acquired a new stake in Remitly Global during the fourth quarter valued at approximately $245,000. Finally, Clarius Group LLC acquired a new stake in Remitly Global during the first quarter valued at approximately $239,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Price Performance

RELY stock traded down $0.01 on Wednesday, reaching $17.45. The company's stock had a trading volume of 3,917,173 shares, compared to its average volume of 2,215,969. Remitly Global, Inc. has a 52 week low of $12.43 and a 52 week high of $27.32. The company has a market capitalization of $3.56 billion, a P/E ratio of -581.67 and a beta of 0.13. The firm has a fifty day moving average of $20.60 and a two-hundred day moving average of $21.58.

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, topping analysts' consensus estimates of ($0.04) by $0.09. Remitly Global had a negative return on equity of 0.70% and a negative net margin of 0.34%. The business had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. During the same period in the prior year, the company posted ($0.11) EPS. The business's revenue for the quarter was up 34.3% compared to the same quarter last year. As a group, equities analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on RELY shares. Barclays upped their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. KeyCorp increased their price target on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. JMP Securities reiterated a "market outperform" rating and set a $32.00 price target on shares of Remitly Global in a research report on Thursday, April 10th. The Goldman Sachs Group increased their price target on 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 increased their price target on Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $28.88.

Insiders Place Their Bets

In other Remitly Global news, major shareholder Ltd Naspers sold 11,900,000 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $22.89, for a total transaction of $272,391,000.00. Following the completion of the transaction, the insider directly owned 25,441,745 shares of the company's stock, valued at approximately $582,361,543.05. This trade represents a 31.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bora Chung sold 13,000 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $22.76, for a total value of $295,880.00. Following the transaction, the director directly owned 103,171 shares of the company's stock, valued at approximately $2,348,171.96. The trade was a 11.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,084,968 shares of company stock worth $276,321,392. 8.10% of the stock is owned by company insiders.

About Remitly Global

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.