Trexquant Investment LP Sells 182,933 Shares of Remitly Global, Inc. $RELY

Key Points

• Trexquant Investment LP has reduced its stake in Remitly Global, Inc. by 29.2%, now holding 443,329 shares valued at $9.22 million.
• Multiple large investors have increased or initiated positions in Remitly, with institutional ownership now at 74.25%.
• Analysts have given Remitly Global a consensus rating of "Moderate Buy" with a price target increasing to $29.00, despite a recent earnings report missing expectations.

Trexquant Investment LP lowered its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 29.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 443,329 shares of the financial services provider's stock after selling 182,933 shares during the period. Trexquant Investment LP owned about 0.22% of Remitly Global worth $9,221,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Elequin Capital LP bought a new position in shares of Remitly Global during the 1st quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Remitly Global in the first quarter worth approximately $41,000. Exchange Traded Concepts LLC bought a new position in shares of Remitly Global in the first quarter worth approximately $46,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Remitly Global in the first quarter worth approximately $66,000. Finally, KBC Group NV grew its holdings in shares of 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 during the last quarter. Institutional investors own 74.25% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group raised their target price on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Wall Street Zen cut shares of Remitly Global from a "buy" rating to a "hold" rating in a report on Saturday. Barclays upped their target price on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. 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 report on Thursday, May 8th. Finally, KeyCorp reissued 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 research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Remitly Global currently has an average rating of "Moderate Buy" and an average price target of $29.00.

Insider Transactions at Remitly Global

In related news, Director Phillip John Riese sold 5,000 shares of Remitly Global stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the sale, the director directly owned 112,496 shares in the company, valued at $2,249,920. The trade was a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 value of $750,704.57. Following the transaction, the director directly owned 3,654,288 shares of the company's stock, valued at approximately $67,275,442.08. This trade represents a 1.10% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,360 shares of company stock valued at $1,579,449. Company insiders own 8.10% of the company's stock.

Remitly Global Stock Performance

Shares of NASDAQ RELY traded up $0.44 during mid-day trading on Wednesday, hitting $19.36. 1,842,954 shares of the stock traded hands, compared to its average volume of 2,969,163. Remitly Global, Inc. has a 52 week low of $12.43 and a 52 week high of $27.32. The company has a market cap of $3.99 billion, a price-to-earnings ratio of 322.65 and a beta of 0.13. The stock has a fifty day moving average price of $18.12 and a 200-day moving average price of $20.20.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share 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 firm had revenue of $411.85 million for the quarter, compared to the consensus estimate of $384.59 million. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. The company's revenue for the quarter was up 34.4% compared to the same quarter last year. As a group, sell-side analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

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.