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SG Americas Securities LLC Acquires New Position in Remitly Global, Inc. (NASDAQ:RELY)

Remitly Global logo with Business Services background

SG Americas Securities LLC bought a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm bought 48,463 shares of the financial services provider's stock, valued at approximately $1,008,000.

Other large investors also recently bought and sold shares of the company. Global Retirement Partners LLC purchased a new position in shares of Remitly Global in the fourth quarter worth $28,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Remitly Global in the 4th quarter valued at $155,000. Mackenzie Financial Corp purchased a new position in Remitly Global in the 4th quarter worth $211,000. Xponance Inc. purchased a new position in Remitly Global in the 4th quarter worth $245,000. Finally, TD Waterhouse Canada Inc. acquired a new stake 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 Price Performance

Shares of NASDAQ:RELY opened at $20.64 on Wednesday. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The firm has a market capitalization of $4.21 billion, a PE ratio of -688.00 and a beta of 0.18. The business's 50 day moving average price is $21.12 and its 200-day moving average price is $21.97.

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

Insider Transactions at Remitly Global

In other news, Director Bora Chung sold 13,000 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $22.76, for a total transaction of $295,880.00. Following the completion of the sale, the director now owns 103,171 shares in the company, valued at $2,348,171.96. This represents a 11.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Ltd Naspers sold 11,900,000 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $22.89, for a total transaction of $272,391,000.00. Following the completion of the sale, the insider now owns 25,441,745 shares of the company's stock, valued at $582,361,543.05. This trade represents a 31.87% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 12,084,968 shares of company stock valued at $276,321,392. Insiders own 8.10% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RELY. The Goldman Sachs Group increased their price objective on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Monness Crespi & Hardt upped their target price on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Barclays increased their price target on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. JMP Securities reaffirmed a "market outperform" rating and issued a $32.00 price target on shares of Remitly Global in a report on Thursday, April 10th. Finally, Wells Fargo & Company increased their price target on Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Remitly Global has a consensus rating of "Moderate Buy" and a consensus target price of $28.88.

Read Our Latest Stock Report on RELY

About Remitly Global

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Remitly Global (NASDAQ:RELY)

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.

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