Legal & General Group Plc Reduces Stock Position in Remitly Global, Inc. (NASDAQ:RELY)

Legal & General Group Plc decreased its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 12.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 167,392 shares of the financial services provider's stock after selling 22,926 shares during the period. Legal & General Group Plc owned approximately 0.08% of Remitly Global worth $3,778,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings 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 during the last quarter. Baillie Gifford & Co. raised its holdings in Remitly Global by 1.6% during the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider's stock worth $211,827,000 after buying an additional 150,602 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Remitly Global by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider's stock valued at $79,666,000 after purchasing an additional 49,281 shares during the last quarter. Norges Bank purchased a new stake in shares of Remitly Global in the fourth quarter valued at about $66,169,000. Finally, Principal Financial Group Inc. raised 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 during the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Stock Performance

Remitly Global stock traded down $0.04 during midday trading on Monday, reaching $20.01. 3,391,539 shares of the stock were exchanged, compared to its average volume of 1,994,556. The company's fifty day moving average is $21.00 and its 200-day moving average is $21.02. The firm has a market cap of $4.01 billion, a PE ratio of -105.32 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.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate 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%. On average, sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the completion of the sale, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 sale, the insider now owns 3,813,811 shares of the company's stock, valued at approximately $73,339,585.53. The trade was a 0.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,166 shares of company stock valued at $1,133,685. 8.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

RELY has been the subject of several analyst reports. Barclays increased their target price on shares of Remitly Global from $28.00 to $29.00 and gave the company an "overweight" rating in a report on Monday, February 24th. BMO Capital Markets increased their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. JMP Securities restated a "market outperform" rating and set a $32.00 price target on shares of Remitly Global in a research report on Thursday, April 10th. The Goldman Sachs Group reduced their price target on shares of Remitly Global from $33.00 to $26.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Finally, Wells Fargo & Company increased their price target on shares of Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, Remitly Global currently has an average rating of "Moderate Buy" and a consensus price target of $28.50.

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.