Remitly Global, Inc. $RELY Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its stake in Remitly Global by 47.2%, selling 79,499 shares during the first quarter, leaving them with 89,045 shares valued at approximately $1.85 million.
• Despite the stake reduction by Hsbc, several other institutions increased their investments in Remitly, collectively owning 74.25% of the company's stock.
• Remitly Global reported $411.85 million in revenue for the last quarter, surpassing analysts' expectations, yet missed earnings estimates with $0.04 EPS.

Hsbc Holdings PLC cut its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 47.2% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 89,045 shares of the financial services provider's stock after selling 79,499 shares during the period. Hsbc Holdings PLC's holdings in Remitly Global were worth $1,849,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Townsquare Capital LLC lifted its position in Remitly Global by 2.5% during the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider's stock worth $393,000 after acquiring an additional 459 shares in the last quarter. Xponance Inc. lifted its position in Remitly Global by 4.8% during the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock worth $237,000 after acquiring an additional 518 shares in the last quarter. Comerica Bank lifted its position in Remitly Global by 2.1% during the 4th quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock worth $577,000 after acquiring an additional 534 shares in the last quarter. Elequin Capital LP acquired a new position in Remitly Global during the 1st quarter worth approximately $30,000. Finally, KBC Group NV lifted its position in Remitly Global by 29.8% during the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock worth $165,000 after acquiring an additional 1,823 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Remitly Global

In other news, Director Joshua Hug sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $19.65, for a total value of $196,500.00. Following the completion of the sale, the director directly owned 3,663,811 shares in the company, valued at approximately $71,993,886.15. The trade was a 0.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the sale, the director owned 112,496 shares of the company's stock, valued at $2,249,920. This trade represents a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 63,583 shares of company stock valued at $1,250,144 over the last 90 days. Insiders own 7.50% of the company's stock.

Remitly Global Stock Up 1.3%

RELY stock opened at $18.39 on Thursday. Remitly Global, Inc. has a 52-week low of $12.43 and a 52-week high of $27.32. The stock's 50 day moving average is $18.25 and its two-hundred day moving average is $20.43. The company has a market capitalization of $3.79 billion, a PE ratio of 306.55 and a beta of 0.12.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on RELY shares. Barclays boosted 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. The Goldman Sachs Group boosted 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. Monness Crespi & Hardt lifted their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Wall Street Zen upgraded Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday, August 17th. Finally, KeyCorp restated an "overweight" rating and set a $28.00 price objective (up from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Remitly Global has an average rating of "Moderate Buy" and an average target price of $29.00.

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.

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