Remitly Global, Inc. $RELY Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada cut its Remitly Global stake by 87.5% in the first quarter, selling 102,813 shares and retaining 14,636 shares worth approximately $229,000. Institutional investors and hedge funds collectively own 74.25% of RELY.
• Remitly reported stronger-than-expected quarterly results, with EPS of $0.93 versus a $0.12 consensus estimate and revenue of $495.16 million, up 20.2% year over year.
• Analysts remain broadly bullish, with a consensus “Buy” rating and a $27.78 price target; several firms recently raised their targets to between $30 and $33.

Royal Bank of Canada lessened its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 87.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,636 shares of the financial services provider's stock after selling 102,813 shares during the quarter. Royal Bank of Canada's holdings in Remitly Global were worth $229,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Empowered Funds LLC lifted its holdings in shares of Remitly Global by 2.9% in the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider's stock valued at $589,000 after buying an additional 1,050 shares during the period. Quantinno Capital Management LP grew its holdings in Remitly Global by 76.7% during the first quarter. Quantinno Capital Management LP now owns 119,963 shares of the financial services provider's stock worth $1,880,000 after acquiring an additional 52,072 shares during the period. Entropy Technologies LP purchased a new position in Remitly Global in the first quarter worth $298,000. Sei Investments Co. raised its position in Remitly Global by 8.8% in the first quarter. Sei Investments Co. now owns 67,242 shares of the financial services provider's stock worth $1,054,000 after acquiring an additional 5,463 shares in the last quarter. Finally, State of Wyoming lifted its holdings in Remitly Global by 6.6% in the first quarter. State of Wyoming now owns 57,052 shares of the financial services provider's stock valued at $894,000 after acquiring an additional 3,513 shares during the period. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Stock Performance

RELY opened at $26.55 on Friday. The company has a market cap of $5.62 billion, a price-to-earnings ratio of 19.10 and a beta of 0.34. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $27.15. The business's fifty day moving average is $23.99 and its two-hundred day moving average is $20.34.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The business had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same quarter in the previous year, the company posted $0.03 EPS. The business's revenue was up 20.2% on a year-over-year basis. On average, analysts predict that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. The Goldman Sachs Group boosted their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, July 9th. KeyCorp raised their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Cantor Fitzgerald boosted their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the stock an "overweight" rating in a report on Monday, August 10th. Monness Crespi & Hardt restated a "buy" rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Wolfe Research increased their target price on shares of Remitly Global from $31.00 to $32.00 and gave the company an "outperform" rating in a report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Remitly Global presently has a consensus rating of "Buy" and a consensus price target of $27.78.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 33,600 shares of the company's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $21.03, for a total value of $706,608.00. Following the sale, the director owned 3,424,244 shares of the company's stock, valued at $72,011,851.32. This represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel W. Morris sold 20,000 shares of the company's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $26.20, for a total transaction of $524,000.00. Following the completion of the sale, the director directly owned 1,851,056 shares in the company, valued at $48,497,667.20. This trade represents a 1.07% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 515,371 shares of company stock worth $12,480,565. 6.53% of the stock is currently owned by insiders.

Remitly Global Profile

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.

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