Intellectus Partners LLC Sells 9,250 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Intellectus Partners LLC lessened its stake in Remitly Global, Inc. (NASDAQ:RELY) by 34.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,750 shares of the financial services provider’s stock after selling 9,250 shares during the period. Intellectus Partners LLC’s holdings in Remitly Global were worth $369,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Stifel Financial Corp grew its stake in Remitly Global by 10.4% in the 4th quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider’s stock worth $1,290,000 after acquiring an additional 5,390 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Remitly Global in the fourth quarter valued at approximately $1,228,000. Bank of Montreal Can grew its stake in Remitly Global by 3.6% in the fourth quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider’s stock worth $931,000 after purchasing an additional 1,435 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Remitly Global by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,246,582 shares of the financial services provider’s stock worth $28,135,000 after purchasing an additional 25,616 shares during the period. Finally, Wells Fargo & Company MN raised its position in 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 purchasing an additional 24,559 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Insider Transactions at Remitly Global

In other news, insider Ankur Sinha sold 5,000 shares of the stock in a transaction dated 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 directly owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. This represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Ltd Naspers sold 11,900,000 shares of Remitly Global stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $22.89, for a total value of $272,391,000.00. Following the sale, the insider now directly owns 25,441,745 shares of the company’s stock, valued at $582,361,543.05. This trade represents a 31.87% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,099,551 shares of company stock worth $276,596,340. Company insiders own 7.50% of the company’s stock.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $21.54 on Friday. The business’s 50-day moving average is $21.06 and its 200 day moving average is $22.00. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The firm has a market capitalization of $4.39 billion, a P/E ratio of -113.37 and a beta of 0.18.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.09. The business had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company’s revenue was up 34.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.11) earnings per share. On average, analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on RELY. The Goldman Sachs Group increased 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, May 8th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. KeyCorp increased their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, May 8th. JMP Securities reissued a “market outperform” rating and issued a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th. Finally, Wells Fargo & Company increased their target price on 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 analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.88.

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.