AQR Capital Management LLC Sells 18,816 Shares of Remitly Global, Inc. $RELY

Key Points

• AQR Capital Management LLC has reduced its stake in Remitly Global by 6.8%, now holding approximately 0.13% of the company valued at $5.39 million.
• Recent analysts' reports have upgraded Remitly Global’s rating to "buy", with an average target price of $29.00 and a consensus rating of "Moderate Buy."
• Remitly Global reported earnings of $0.04 per share for the latest quarter, missing estimates, but showed a revenue growth of 34.4% compared to the previous year.

AQR Capital Management LLC cut its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 6.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 259,073 shares of the financial services provider's stock after selling 18,816 shares during the quarter. AQR Capital Management LLC owned approximately 0.13% of Remitly Global worth $5,389,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Townsquare Capital LLC boosted its holdings in Remitly Global by 2.5% in the first quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider's stock worth $393,000 after purchasing an additional 459 shares in the last quarter. Xponance Inc. boosted its holdings in Remitly Global by 4.8% in the first quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock worth $237,000 after purchasing an additional 518 shares in the last quarter. Elequin Capital LP bought a new stake in Remitly Global in the first quarter worth $30,000. KBC Group NV boosted its holdings in Remitly Global by 29.8% in the first quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock worth $165,000 after purchasing an additional 1,823 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in Remitly Global in the first quarter worth $41,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of the firm'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 transaction, the director directly owned 112,496 shares of the company's stock, valued at approximately $2,249,920. This trade represents a 4.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joshua Hug sold 40,777 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $18.41, for a total transaction of $750,704.57. Following the completion of the transaction, the director directly owned 3,654,288 shares in the company, valued at approximately $67,275,442.08. The trade was a 1.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 79,360 shares of company stock valued at $1,477,749 in the last three months. Insiders own 7.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on RELY shares. JMP Securities decreased their price target on shares of Remitly Global from $32.00 to $23.00 and set a "market outperform" rating for the company in a report on Monday. KeyCorp reissued an "overweight" rating and issued a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Finally, Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday, September 7th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Remitly Global currently has an average rating of "Moderate Buy" and a consensus price target of $27.88.

Remitly Global Trading Down 0.7%

Shares of RELY traded down $0.12 during mid-day trading on Thursday, hitting $17.31. 2,892,629 shares of the company traded hands, compared to its average volume of 3,317,415. Remitly Global, Inc. has a one year low of $12.43 and a one year high of $27.32. The business has a 50-day moving average of $18.12 and a 200 day moving average of $19.71. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of 288.55 and a beta of 0.13.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The company had revenue of $411.85 million for the quarter, compared to the consensus estimate of $384.59 million. During the same period last year, the company earned ($0.06) earnings per share. Remitly Global's revenue for the quarter was up 34.4% 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 year.

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.