Wellington Management Group LLP Reduces Stake in Remitly Global, Inc. (NASDAQ:RELY)

Wellington Management Group LLP lowered its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 26.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,048,451 shares of the financial services provider's stock after selling 725,249 shares during the quarter. Wellington Management Group LLP owned approximately 1.02% of Remitly Global worth $46,234,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of RELY. Vanguard Group Inc. boosted its holdings in Remitly Global by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider's stock valued at $330,674,000 after acquiring an additional 380,159 shares in the last quarter. Baillie Gifford & Co. boosted its stake in Remitly Global by 1.6% in the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider's stock worth $211,827,000 after purchasing an additional 150,602 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its stake in Remitly Global by 34.4% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock valued at $107,751,000 after acquiring an additional 1,220,806 shares during the period. Geode Capital Management LLC lifted its stake in Remitly Global by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider's stock valued at $79,666,000 after acquiring an additional 49,281 shares during the period. Finally, Norges Bank bought a new position in Remitly Global during the 4th quarter valued at about $66,169,000. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Price Performance

NASDAQ:RELY traded down $0.59 during trading hours on Tuesday, reaching $20.96. The company had a trading volume of 660,852 shares, compared to its average volume of 2,049,129. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32. The firm has a market cap of $4.27 billion, a PE ratio of -110.32 and a beta of 0.16. The business's 50 day moving average price is $21.05 and its 200-day moving average price is $21.99.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The business had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. During the same period in the prior year, the company posted ($0.11) EPS. The business's quarterly revenue was up 34.3% on a year-over-year basis. On average, analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. KeyCorp increased their target price on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. JMP Securities restated a "market outperform" rating and issued a $32.00 price target on shares of Remitly Global in a research report on Thursday, April 10th. Barclays increased their target price on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. BMO Capital Markets lifted their target price on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Finally, Wells Fargo & Company lifted their target price on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $28.88.

Insider Buying and Selling

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.31, for a total value of $281,597.73. Following the transaction, the chief executive officer now owns 4,329,513 shares of the company's stock, valued at $83,602,896.03. This represents a 0.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the transaction, the insider now directly owns 397,805 shares in the company, valued at approximately $7,562,273.05. This trade represents a 1.24% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,099,551 shares of company stock worth $276,596,340. 7.50% of the stock is owned by corporate insiders.

About Remitly Global

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.