Remitly Global, Inc. $RELY Stake Trimmed by AQR Capital Management LLC

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 lowered its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 6.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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.

Other institutional investors have also recently bought and sold shares of the company. Elequin Capital LP purchased a new position in Remitly Global in the 1st quarter worth about $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Remitly Global in the 1st quarter worth about $41,000. Exchange Traded Concepts LLC purchased a new position in Remitly Global in the 1st quarter worth about $46,000. Caitong International Asset Management Co. Ltd acquired a new stake in Remitly Global during the 1st quarter worth about $66,000. Finally, KBC Group NV boosted 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 during the period. Hedge funds and other institutional investors own 74.25% of the company's stock.

Analysts Set New Price Targets

RELY has been the subject of a number of research reports. Wall Street Zen upgraded Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday, September 7th. KeyCorp restated an "overweight" rating and set a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Remitly Global currently has a consensus rating of "Moderate Buy" and an average target price of $29.00.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $18.16 on Friday. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of 302.72 and a beta of 0.13. Remitly Global, Inc. has a 52-week low of $12.43 and a 52-week high of $27.32. The stock has a 50-day simple moving average of $18.22 and a 200-day simple moving average of $19.90.

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

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total transaction of $251,994.24. Following the completion of the sale, the chief executive officer directly owned 4,212,849 shares in the company, valued at $72,798,030.72. The trade was a 0.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Phillip John Riese sold 5,000 shares of Remitly Global stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the sale, the director owned 112,496 shares of the company's stock, valued at approximately $2,249,920. This represents a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 79,360 shares of company stock valued at $1,477,749 in the last quarter. Corporate insiders own 7.50% of the company's stock.

Remitly Global 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.

Want to see what other hedge funds are holding RELY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Remitly Global, Inc. (NASDAQ:RELY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.