Remitly Global, Inc. (NASDAQ:RELY) Shares Sold by Cadian Capital Management LP

Cadian Capital Management LP decreased its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 56.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,509,814 shares of the financial services provider's stock after selling 7,091,512 shares during the period. Remitly Global comprises 7.2% of Cadian Capital Management LP's portfolio, making the stock its 5th biggest position. Cadian Capital Management LP owned about 2.78% of Remitly Global worth $124,357,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Remitly Global by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider's stock worth $330,674,000 after acquiring an additional 380,159 shares during the last quarter. Baillie Gifford & Co. increased its stake in shares of 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 valued at $211,827,000 after buying an additional 150,602 shares during the period. ArrowMark Colorado Holdings LLC raised its position in shares of Remitly Global by 34.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock worth $107,751,000 after acquiring an additional 1,220,806 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Remitly Global by 1.4% during 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 acquiring an additional 49,281 shares during the period. Finally, Norges Bank acquired a new position in shares of Remitly Global during the fourth quarter valued at $66,169,000. Institutional investors own 74.25% of the company's stock.

Insider Activity

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the business'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 sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Joshua Hug sold 37,718 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $21.05, for a total transaction of $793,963.90. Following the transaction, the insider now directly owns 3,776,093 shares of the company's stock, valued at $79,486,757.65. This represents a 0.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,301 shares of company stock worth $1,560,012 over the last quarter. 8.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. BMO Capital Markets lifted their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. increased their price objective 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. Wells Fargo & Company lifted their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. Monness Crespi & Hardt increased their price target on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday. Finally, The Goldman Sachs Group raised their price target on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, Remitly Global currently has an average rating of "Moderate Buy" and a consensus price target of $29.13.

Remitly Global Stock Down 1.2 %

Remitly Global stock traded down $0.30 during mid-day trading on Friday, hitting $23.86. 3,531,725 shares of the company's stock were exchanged, compared to its average volume of 1,998,312. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The firm has a market capitalization of $4.86 billion, a P/E ratio of -125.58 and a beta of 0.16. The company's 50 day simple moving average is $20.42 and its 200-day simple moving average is $21.47.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. During the same quarter last year, the firm posted ($0.11) earnings per share. Remitly Global's revenue was up 34.3% compared to the same quarter last year. Research analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current year.

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.