Wellington Management Group LLP Has $46.23 Million Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Wellington Management Group LLP trimmed its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 26.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,048,451 shares of the financial services provider’s stock after selling 725,249 shares during the period. Wellington Management Group LLP’s holdings in Remitly Global were worth $46,234,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of RELY. Global Retirement Partners LLC acquired a new stake in shares of Remitly Global during the 4th quarter worth approximately $28,000. R Squared Ltd acquired a new stake in shares of Remitly Global in the 4th quarter valued at $89,000. FMR LLC increased its stake in shares of Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 1,970 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Remitly Global in the 4th quarter valued at $135,000. Finally, KBC Group NV raised its holdings in shares of Remitly Global by 49.7% during the 4th 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 in the last quarter. 74.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. BMO Capital Markets lifted their target price on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. Barclays increased their price objective on shares of Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. JPMorgan Chase & Co. boosted their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Finally, Wells Fargo & Company increased their price target on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $27.25.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total value of $337,450.62. Following the transaction, the chief executive officer now owns 4,387,845 shares in the company, valued at $101,534,733.30. The trade was a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 sale, the insider now owns 397,805 shares of the company’s stock, 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. In the last 90 days, insiders have sold 48,749 shares of company stock worth $1,081,736. Company insiders own 8.10% of the company’s stock.

Remitly Global Stock Down 7.3 %

NASDAQ RELY opened at $18.66 on Friday. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -98.21 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. The stock has a fifty day simple moving average of $22.79 and a 200 day simple moving average of $20.28.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal 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.