Baillie Gifford & Co. Sells 934,680 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Key Points

• Baillie Gifford & Co. has reduced its stake in Remitly Global by 10% in the first quarter, now owning 8,450,654 shares valued at approximately $175.77 million.
• Remitly Global reported a 34.3% increase in revenue year-over-year for the quarter, with earnings of $0.05 per share, surpassing analyst expectations.
• Several brokerages have raised their price targets for Remitly Global, with estimates ranging from $26.00 to $32.00, reflecting a general consensus of a "Moderate Buy."

Baillie Gifford & Co. cut its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 10.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,450,654 shares of the financial services provider's stock after selling 934,680 shares during the quarter. Baillie Gifford & Co. owned approximately 4.15% of Remitly Global worth $175,774,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Remitly Global by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider's stock valued at $330,674,000 after buying an additional 380,159 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its holdings in shares of Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock valued at $107,751,000 after buying an additional 1,220,806 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Remitly Global by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider's stock valued at $79,666,000 after buying an additional 49,281 shares during the last quarter. Norges Bank bought a new position in shares of Remitly Global in the fourth quarter valued at about $66,169,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Remitly Global by 6.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,257,182 shares of the financial services provider's stock valued at $50,946,000 after buying an additional 128,366 shares during the last quarter. 74.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on RELY shares. Monness Crespi & Hardt lifted their price target on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th. JMP Securities restated a "market outperform" rating and set a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. KeyCorp boosted their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. The Goldman Sachs Group upped 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, Barclays upped their price target on Remitly Global from $24.00 to $27.00 and gave the stock 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 issued a buy rating to the company's stock. According to data from MarketBeat.com, Remitly Global currently has an average rating of "Moderate Buy" and a consensus target price of $28.88.

Remitly Global Price Performance

RELY stock traded down $0.25 during midday trading on Tuesday, reaching $16.97. 2,034,233 shares of the company were exchanged, compared to its average volume of 2,704,934. The business has a 50-day moving average price of $19.51 and a two-hundred day moving average price of $21.22. Remitly Global, Inc. has a one year low of $12.43 and a one year high of $27.32. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of -564.83 and a beta of 0.13.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.09. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. The firm had revenue of $361.62 million during the quarter, compared to analysts' expectations of $347.81 million. During the same period in the previous year, the business posted ($0.11) earnings per share. The company's revenue for the quarter was up 34.3% compared to the same quarter last year. As a group, analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Activity at Remitly Global

In other news, Director Bora Chung sold 13,000 shares of Remitly Global stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $22.76, for a total transaction of $295,880.00. Following the completion of the sale, the director owned 103,171 shares of the company's stock, valued at approximately $2,348,171.96. This trade represents a 11.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total value of $251,994.24. Following the completion of the transaction, the chief executive officer directly owned 4,212,849 shares of the company's stock, valued at approximately $72,798,030.72. This trade represents a 0.34% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,079,551 shares of company stock valued at $276,183,987. 8.10% of the stock is currently owned by 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.