Summit Creek Advisors LLC Sells 144,404 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Key Points

• Summit Creek Advisors LLC reduced its stake in Remitly Global by 16.3% during the first quarter, selling 144,404 shares and now owns approximately 0.36% of the company, valued at $15.39 million.
• Institutional investors and hedge funds collectively own 74.25% of Remitly Global's stock, with significant stakes acquired by firms like Norges Bank and Price T Rowe Associates.
• Despite a 1.0% decline in share price, Remitly Global reported a revenue increase of 34.3% to $361.62 million in its latest quarter, exceeding analysts' expectations.

Summit Creek Advisors LLC decreased its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 16.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 739,901 shares of the financial services provider's stock after selling 144,404 shares during the quarter. Remitly Global comprises approximately 2.2% of Summit Creek Advisors LLC's investment portfolio, making the stock its 21st biggest holding. Summit Creek Advisors LLC owned about 0.36% of Remitly Global worth $15,390,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of RELY. Sei Investments Co. raised its position in shares of Remitly Global by 4.8% in the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock valued at $313,000 after acquiring an additional 636 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Remitly Global in the 4th quarter valued at $693,000. LPL Financial LLC bought a new stake in shares of Remitly Global in the 4th quarter valued at $347,000. Vanguard Group Inc. raised its stake in Remitly Global by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider's stock worth $330,674,000 after buying an additional 380,159 shares during the period. Finally, Prudential Financial Inc. lifted its holdings in Remitly Global by 2,371.9% during the fourth quarter. Prudential Financial Inc. now owns 265,230 shares of the financial services provider's stock worth $5,986,000 after acquiring an additional 254,500 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RELY. Barclays increased their price target on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. KeyCorp increased their target price on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Monness Crespi & Hardt lifted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. JMP Securities reiterated a "market outperform" rating and issued a $32.00 price target on shares of Remitly Global in a report on Thursday, April 10th. Finally, The Goldman Sachs Group boosted their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $28.88.

Remitly Global Price Performance

RELY stock traded down $0.41 during midday trading on Thursday, hitting $16.59. The company's stock had a trading volume of 1,779,775 shares, compared to its average volume of 2,717,918. The company's fifty day moving average price is $19.29 and its 200 day moving average price is $21.16. Remitly Global, Inc. has a twelve month low of $12.43 and a twelve month high of $27.32. The stock has a market capitalization of $3.38 billion, a P/E ratio of -551.87 and a beta of 0.13.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $347.81 million. During the same quarter in the previous year, the business earned ($0.11) earnings per share. Remitly Global's quarterly revenue was up 34.3% on a year-over-year basis. Equities analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In related news, Director Phillip John Riese sold 5,000 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total value of $101,700.00. Following the completion of the sale, the director directly owned 102,257 shares in the company, valued at approximately $2,079,907.38. This trade represents a 4.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Bora Chung sold 13,000 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director owned 103,171 shares in the company, valued at $2,348,171.96. This represents a 11.19% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,079,551 shares of company stock valued at $276,183,987. 7.50% of the stock is owned by company insiders.

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.