Wellington Management Group LLP Has $37.73 Million Stake in Remitly Global, Inc. $RELY

Key Points

• Wellington Management Group LLP reduced its stake in Remitly Global by 11.5%, selling 234,641 shares during the 1st quarter, leaving it with 1,813,810 shares valued at approximately $37.7 million.
• Despite the reduction by Wellington, other institutional investors such as Vanguard Group Inc. and ArrowMark Colorado Holdings LLC increased their positions, demonstrating ongoing interest in the stock.
• Remitly Global reported a net revenue of $411.85 million for the last quarter, surpassing analysts' expectations, although its earnings per share fell short of estimates at $0.04.

Wellington Management Group LLP reduced its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 11.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,813,810 shares of the financial services provider's stock after selling 234,641 shares during the quarter. Wellington Management Group LLP owned 0.89% of Remitly Global worth $37,727,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Stifel Financial Corp raised its stake in Remitly Global by 10.4% during the 4th quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock valued at $1,290,000 after purchasing an additional 5,390 shares during the period. Teacher Retirement System of Texas purchased a new position in shares of Remitly Global during the 1st quarter valued at $1,231,000. Wells Fargo & Company MN grew its holdings in shares of Remitly Global by 53.1% during the 4th quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider's stock valued at $1,597,000 after acquiring an additional 24,559 shares in the last quarter. KBC Group NV grew its holdings in shares of Remitly Global by 29.8% during the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock valued at $165,000 after acquiring an additional 1,823 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Remitly Global by 13.0% during the 4th quarter. Invesco Ltd. now owns 111,612 shares of the financial services provider's stock valued at $2,519,000 after acquiring an additional 12,816 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Pankaj Sharma sold 5,000 shares of Remitly Global stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $19.71, for a total transaction of $98,550.00. Following the transaction, the insider directly owned 186,926 shares of the company's stock, valued at $3,684,311.46. This trade represents a 2.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of Remitly Global stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total transaction of $101,700.00. Following the transaction, the director directly owned 102,257 shares in the company, valued at approximately $2,079,907.38. This represents a 4.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 43,583 shares of company stock valued at $828,744. 7.50% of the stock is owned by company insiders.

Remitly Global Stock Performance

Shares of NASDAQ RELY traded down $0.15 during mid-day trading on Friday, hitting $18.33. 1,391,995 shares of the stock were exchanged, compared to its average volume of 2,958,051. The company has a market cap of $3.78 billion, a P/E ratio of 305.03 and a beta of 0.12. The stock's fifty day simple moving average is $18.21 and its two-hundred day simple moving average is $20.39. Remitly Global, Inc. has a twelve month low of $12.43 and a twelve month high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.14). The company had revenue of $411.85 million during the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The business's revenue for the quarter was up 34.4% on a year-over-year basis. During the same period in the prior year, the business earned ($0.06) EPS. As a group, equities research analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Monness Crespi & Hardt boosted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th. The Goldman Sachs Group boosted their price target on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Barclays boosted their price target on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Wall Street Zen upgraded shares of Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday, August 17th. Finally, KeyCorp reiterated an "overweight" rating and issued a $28.00 price objective (up from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $29.00.

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.