Adage Capital Partners GP L.L.C. Sells 113,525 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Adage Capital Partners GP L.L.C. lowered its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 11.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 910,000 shares of the financial services provider's stock after selling 113,525 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.46% of Remitly Global worth $20,539,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in RELY. Global Retirement Partners LLC acquired a new stake in Remitly Global during the 4th quarter valued at $28,000. R Squared Ltd acquired a new position in Remitly Global during the fourth quarter valued at approximately $89,000. Wilmington Savings Fund Society FSB bought a new stake in Remitly Global during the fourth quarter valued at about $135,000. KBC Group NV lifted its holdings in shares of Remitly Global by 49.7% during the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock worth $138,000 after buying an additional 2,033 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Remitly Global in the 4th quarter worth $155,000. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Trading Up 2.6 %

NASDAQ RELY traded up $0.53 during mid-day trading on Friday, hitting $20.80. The company's stock had a trading volume of 536,649 shares, compared to its average volume of 1,992,392. The company's 50 day simple moving average is $20.62 and its 200 day simple moving average is $21.11. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of -109.79 and a beta of 0.15. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.32.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RELY. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. JPMorgan Chase & Co. boosted their price objective on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. Wells Fargo & Company upped their price objective on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. JMP Securities reiterated a "market outperform" rating and issued a $32.00 price objective on shares of Remitly Global in a research report on Thursday, April 10th. Finally, Barclays upped their price objective on Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Remitly Global has a consensus rating of "Moderate Buy" and an average target price of $28.50.

Insiders Place Their Bets

In related news, insider Joshua Hug sold 10,000 shares of the firm's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $19.23, for a total transaction of $192,300.00. Following the transaction, the insider now directly owns 3,813,811 shares of the company's stock, valued at approximately $73,339,585.53. This trade represents a 0.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ankur Sinha sold 5,000 shares of the firm's stock in a transaction that occurred 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 transaction, the insider now owns 397,805 shares in the company, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,166 shares of company stock worth $1,133,685 over the last 90 days. Corporate insiders own 8.10% of the company's stock.

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.