Remitly Global, Inc. $RELY Stock Holdings Decreased by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC cut its Remitly Global stake by 29.1% in Q4, selling 69,735 shares and leaving it with 170,055 shares valued at about $2.35 million.
• Wall Street sentiment remains upbeat: analysts now rate Remitly Global a Moderate Buy on average, with a consensus price target of $25.00 after several recent price-target increases.
• Remitly reported strong Q1 results, with EPS of $0.23 beating estimates and revenue rising 25.2% year over year to $452.8 million; however, insiders also sold shares during the quarter.

Hsbc Holdings PLC lowered its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 29.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 170,055 shares of the financial services provider's stock after selling 69,735 shares during the quarter. Hsbc Holdings PLC owned 0.08% of Remitly Global worth $2,347,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Torren Management LLC acquired a new position in Remitly Global in the 4th quarter worth approximately $25,000. Cullen Frost Bankers Inc. acquired a new stake in Remitly Global during the 4th quarter valued at $28,000. GAMMA Investing LLC raised its stake in Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 1,628 shares during the period. HighMark Wealth Management LLC purchased a new stake in shares of Remitly Global in the fourth quarter valued at $35,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Remitly Global by 140.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 1,545 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on RELY shares. Freedom Capital upgraded Remitly Global to a "strong-buy" rating in a report on Wednesday, April 1st. The Goldman Sachs Group increased their price objective on Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday. Monness Crespi & Hardt raised their price objective on Remitly Global from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Citizens Jmp lifted their target price on Remitly Global from $22.00 to $26.00 and gave the company a "market outperform" rating in a research note on Thursday, May 7th. Finally, Citigroup reiterated a "market outperform" rating on shares of Remitly Global in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Remitly Global presently has an average rating of "Moderate Buy" and a consensus price target of $25.00.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 16,000 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total value of $320,160.00. Following the completion of the sale, the insider directly owned 767,810 shares of the company's stock, valued at $15,363,878.10. The trade was a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bora Chung sold 12,000 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total transaction of $257,040.00. Following the transaction, the director owned 125,317 shares in the company, valued at approximately $2,684,290.14. This trade represents a 8.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 249,188 shares of company stock worth $5,303,878 over the last quarter. Insiders own 6.53% of the company's stock.

Remitly Global Trading Up 0.9%

NASDAQ RELY opened at $23.77 on Friday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.92. The firm's fifty day simple moving average is $21.58 and its 200-day simple moving average is $17.68. The company has a market capitalization of $5.01 billion, a PE ratio of 48.51 and a beta of 0.34.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm had revenue of $452.80 million during the quarter, compared to analysts' expectations of $438.94 million. During the same quarter last year, the firm earned $0.05 earnings per share. The business's revenue for the quarter was up 25.2% on a year-over-year basis. As a group, analysts predict that Remitly Global, Inc. will post 0.62 EPS for the current year.

Remitly Global Company 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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