Remitly Global, Inc. (NASDAQ:RELY) Holdings Raised by Deutsche Bank AG

Deutsche Bank AG grew its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 20.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,371,335 shares of the financial services provider’s stock after purchasing an additional 402,417 shares during the quarter. Deutsche Bank AG owned about 1.16% of Remitly Global worth $49,324,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Exchange Traded Concepts LLC acquired a new position in Remitly Global in the first quarter worth about $46,000. KBC Group NV grew its position in shares of Remitly Global by 29.8% during the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider’s stock worth $165,000 after buying an additional 1,823 shares during the period. Mackenzie Financial Corp acquired a new position in shares of Remitly Global in the 4th quarter valued at $211,000. Cetera Investment Advisers acquired a new position in shares of Remitly Global in the 1st quarter valued at approximately $223,000. Finally, Xponance Inc. boosted its holdings in Remitly Global by 4.8% during the first quarter. Xponance Inc. now owns 11,391 shares of the financial services provider’s stock worth $237,000 after purchasing an additional 518 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Joshua Hug sold 60,777 shares of Remitly Global stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $21.22, for a total value of $1,289,687.94. Following the transaction, the director directly owned 3,733,811 shares in the company, valued at approximately $79,231,469.42. This trade represents a 1.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of Remitly Global stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total value of $101,700.00. Following the completion of the transaction, the director owned 102,257 shares in the company, valued at $2,079,907.38. This represents a 4.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,041,833 shares of company stock valued at $275,390,023. Company insiders own 8.10% of the company’s stock.

Remitly Global Price Performance

RELY stock opened at $19.00 on Tuesday. The company has a market capitalization of $3.92 billion, a PE ratio of 316.72 and a beta of 0.12. Remitly Global, Inc. has a 12 month low of $12.43 and a 12 month high of $27.32. The firm’s 50-day moving average is $18.56 and its 200 day moving average is $20.81.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The company had revenue of $411.85 million for the quarter, compared to analysts’ expectations of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%. The business’s revenue was up 34.4% compared to the same quarter last year. During the same period last year, the business posted ($0.06) earnings per share. Sell-side analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on RELY. Wall Street Zen downgraded Remitly Global from a “buy” rating to a “hold” rating in a report on Saturday. KeyCorp reissued an “overweight” rating and set a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research report on Thursday. The Goldman Sachs Group raised their price target on shares of Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Barclays lifted their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, May 12th. Finally, Monness Crespi & Hardt lifted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $29.00.

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.