SG Americas Securities LLC Invests $1.01 Million in Remitly Global, Inc. (NASDAQ:RELY)

SG Americas Securities LLC purchased a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 48,463 shares of the financial services provider's stock, valued at approximately $1,008,000.

Other large investors have also added to or reduced their stakes in the company. Global Retirement Partners LLC bought a new stake in Remitly Global in the fourth quarter worth $28,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Remitly Global during the 4th quarter worth about $155,000. Mackenzie Financial Corp bought a new position in Remitly Global during the 4th quarter worth about $211,000. Xponance Inc. bought a new position in Remitly Global during the 4th quarter worth about $245,000. Finally, TD Waterhouse Canada Inc. bought a new position in Remitly Global during the 4th quarter worth about $277,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Stock Performance

Shares of NASDAQ RELY traded down $0.40 during trading on Friday, hitting $20.13. 4,108,557 shares of the company were exchanged, compared to its average volume of 2,146,982. Remitly Global, Inc. has a 12-month low of $11.64 and a 12-month high of $27.32. The company has a fifty day moving average price of $21.13 and a 200-day moving average price of $21.96. The firm has a market capitalization of $4.10 billion, a PE ratio of -671.00 and a beta of 0.18.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.09. The business had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative return on equity of 0.70% and a negative net margin of 0.34%. The company's quarterly revenue was up 34.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.11) EPS. Research analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on RELY shares. The Goldman Sachs Group increased their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. KeyCorp raised their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Monness Crespi & Hardt lifted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Barclays lifted their price target on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Finally, JMP Securities reissued a "market outperform" rating and issued a $32.00 price target on shares of Remitly Global in a research note on Thursday, April 10th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Remitly Global presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.88.

Insider Activity at Remitly Global

In related news, CAO Luke Tavis sold 2,920 shares of the business's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $21.15, for a total value of $61,758.00. Following the sale, the chief accounting officer now directly owns 1,208 shares in the company, valued at approximately $25,549.20. The trade was a 70.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joshua Hug sold 10,000 shares of the business's stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $19.71, for a total transaction of $197,100.00. Following the completion of the sale, the insider now owns 3,823,811 shares in the company, valued at approximately $75,367,314.81. This trade represents a 0.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,084,968 shares of company stock worth $276,321,392. Company insiders own 7.50% of the company's stock.

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.