Robeco Institutional Asset Management B.V. Lowers Holdings in Remitly Global, Inc. $RELY

Robeco Institutional Asset Management B.V. decreased its position in Remitly Global, Inc. (NASDAQ:RELY) by 30.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 75,432 shares of the financial services provider’s stock after selling 32,894 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in Remitly Global were worth $1,416,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Remitly Global by 2.1% in the first quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider’s stock valued at $311,109,000 after purchasing an additional 306,099 shares during the period. Alliancebernstein L.P. lifted its holdings in Remitly Global by 366.8% during the first quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock worth $106,867,000 after buying an additional 4,037,151 shares during the period. Deutsche Bank AG lifted its holdings in Remitly Global by 20.4% during the first quarter. Deutsche Bank AG now owns 2,371,335 shares of the financial services provider’s stock worth $49,324,000 after buying an additional 402,417 shares during the period. Lord Abbett & CO. LLC lifted its holdings in Remitly Global by 103.8% during the first quarter. Lord Abbett & CO. LLC now owns 1,743,496 shares of the financial services provider’s stock worth $36,265,000 after buying an additional 887,859 shares during the period. Finally, Driehaus Capital Management LLC purchased a new stake in Remitly Global during the first quarter worth $32,731,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Insider Transactions at Remitly Global

In related news, Director Phillip John Riese sold 5,000 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. Following the transaction, the director directly owned 112,496 shares of the company’s stock, valued at $2,249,920. This represents a 4.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $16.68, for a total value of $243,244.44. Following the completion of the transaction, the chief executive officer directly owned 4,544,354 shares in the company, valued at approximately $75,799,824.72. The trade was a 0.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 93,943 shares of company stock valued at $1,720,993 in the last quarter. Insiders own 8.10% of the company’s stock.

Remitly Global Price Performance

NASDAQ RELY opened at $15.83 on Wednesday. The stock’s fifty day moving average price is $17.88 and its 200 day moving average price is $19.33. Remitly Global, Inc. has a 1 year low of $12.43 and a 1 year high of $27.32. The company has a market cap of $3.26 billion, a price-to-earnings ratio of 263.88 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The firm had revenue of $411.85 million during the quarter, compared to analyst estimates of $384.59 million. During the same period in the previous year, the company earned ($0.06) earnings per share. Remitly Global’s revenue was up 34.4% on a year-over-year basis. Research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on RELY shares. JMP Securities lowered their target price on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating for the company in a report on Monday, September 15th. Weiss Ratings restated a “sell (d+)” rating on shares of Remitly Global in a report on Saturday, September 27th. KeyCorp restated an “overweight” rating and set a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Finally, Wall Street Zen upgraded Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $27.88.

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.