Hsbc Holdings PLC Sells 31,217 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Hsbc Holdings PLC decreased its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 15.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 168,544 shares of the financial services provider's stock after selling 31,217 shares during the period. Hsbc Holdings PLC owned approximately 0.09% of Remitly Global worth $3,802,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Remitly Global in the fourth quarter valued at $66,169,000. Principal Financial Group Inc. lifted its holdings in shares of Remitly Global by 10,213.8% in the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock valued at $27,058,000 after purchasing an additional 2,001,198 shares in the last quarter. Marshall Wace LLP raised its position in shares of Remitly Global by 146.4% during the 4th quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider's stock worth $35,456,000 after purchasing an additional 933,253 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Remitly Global by 110.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,060,634 shares of the financial services provider's stock valued at $23,939,000 after buying an additional 557,168 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in Remitly Global by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider's stock worth $330,674,000 after buying an additional 380,159 shares in the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on RELY shares. Wells Fargo & Company increased their price objective 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. Barclays raised their target price on shares of Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. JPMorgan Chase & Co. lifted their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. The Goldman Sachs Group decreased their target price on Remitly Global from $33.00 to $26.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Finally, JMP Securities reiterated a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $28.50.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Joshua Hug sold 10,000 shares of the company's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $19.23, for a total transaction of $192,300.00. Following the completion of the sale, the insider now directly owns 3,813,811 shares of the company's stock, valued at approximately $73,339,585.53. This represents a 0.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now directly owns 397,805 shares of the company's stock, 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 quarter, insiders sold 54,166 shares of company stock valued at $1,133,685. 8.10% of the stock is currently owned by corporate insiders.

Remitly Global Stock Up 0.4 %

RELY stock traded up $0.08 during trading on Monday, hitting $21.02. 407,837 shares of the company's stock traded hands, compared to its average volume of 1,963,173. The stock has a market capitalization of $4.28 billion, a price-to-earnings ratio of -110.62 and a beta of 0.15. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The stock has a fifty day moving average price of $20.55 and a two-hundred day moving average price of $21.25.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.04. The firm had revenue of $351.90 million for the quarter, compared to analysts' expectations of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. As a group, equities research analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

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.