UBS Group AG Trims Stake in Remitly Global, Inc. $RELY

Key Points

• UBS Group AG cut its Remitly Global stake by 33.6% in the fourth quarter, selling 811,648 shares and leaving it with 1,606,421 shares valued at about $22.2 million.
• Remitly reported stronger-than-expected first-quarter results, with EPS of $0.23 versus the $0.12 estimate and revenue of $452.8 million, up 25.2% from a year earlier.
• Analysts remain generally positive on the stock, with an average Moderate Buy rating and a consensus price target of $24.63, while the shares recently traded near $24.28, close to their 52-week high.

UBS Group AG lowered its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 33.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,606,421 shares of the financial services provider's stock after selling 811,648 shares during the period. UBS Group AG owned approximately 0.77% of Remitly Global worth $22,169,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. GAMMA Investing LLC lifted its stake in shares of Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider's stock worth $30,000 after acquiring an additional 1,628 shares during the last quarter. Essex Investment Management Co. LLC bought a new stake in shares of Remitly Global during the third quarter worth $33,000. First Horizon Corp purchased a new stake in shares of Remitly Global during the third quarter valued at $36,000. Quarry LP bought a new position in shares of Remitly Global in the third quarter worth about $42,000. Finally, AlphaQuest LLC lifted its holdings in Remitly Global by 34.4% during the 3rd quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider's stock valued at $71,000 after buying an additional 1,115 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 equities analysts have commented on RELY shares. The Goldman Sachs Group restated a "buy" rating and issued a $27.00 target price on shares of Remitly Global in a research note on Thursday. Citigroup reaffirmed an "outperform" rating on shares of Remitly Global in a research report on Thursday. JPMorgan Chase & Co. dropped their price target on Remitly Global from $23.00 to $22.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 20th. Zacks Research downgraded Remitly Global from a "strong-buy" rating to a "hold" rating in a report on Monday, April 20th. Finally, Weiss Ratings raised shares of Remitly Global from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Remitly Global has an average rating of "Moderate Buy" and an average target price of $24.63.

Remitly Global Stock Up 1.0%

Shares of Remitly Global stock opened at $24.28 on Tuesday. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. The company has a market cap of $5.11 billion, a P/E ratio of 49.55 and a beta of 0.40. The firm's 50 day moving average price is $18.12 and its 200-day moving average price is $15.49. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.92.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.11. The company had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 13.28%. Remitly Global's revenue was up 25.2% compared to the same quarter last year. During the same period last year, the firm earned $0.05 earnings per share. On average, sell-side analysts predict that Remitly Global, Inc. will post 0.61 EPS for the current fiscal year.

Insider Activity

In related news, CFO Vikas D. Mehta sold 25,000 shares of the company's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $17.50, for a total transaction of $437,500.00. Following the transaction, the chief financial officer directly owned 862,759 shares of the company's stock, valued at $15,098,282.50. This represents a 2.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Pankaj Sharma sold 10,000 shares of the stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $20.00, for a total value of $200,000.00. Following the completion of the sale, the insider owned 665,878 shares of the company's stock, valued at approximately $13,317,560. This trade represents a 1.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 12,163,520 shares of company stock worth $194,773,102 over the last quarter. Company insiders own 6.53% of the company's stock.

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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