Remitly Global, Inc. (NASDAQ:RELY) Shares Sold by Aigen Investment Management LP

Aigen Investment Management LP cut its stake in Remitly Global, Inc. (NASDAQ:RELY) by 74.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,264 shares of the financial services provider’s stock after selling 35,312 shares during the quarter. Aigen Investment Management LP’s holdings in Remitly Global were worth $164,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of RELY. Millennium Management LLC increased its stake in shares of Remitly Global by 108.0% in the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock worth $48,333,000 after acquiring an additional 2,071,026 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after acquiring an additional 2,001,198 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Remitly Global by 74.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock worth $42,280,000 after acquiring an additional 1,487,680 shares during the last quarter. Herr Investment Group LLC acquired a new stake in shares of Remitly Global in the 2nd quarter worth $9,285,000. Finally, Hood River Capital Management LLC acquired a new stake in shares of Remitly Global in the 1st quarter worth $12,789,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on RELY shares. JPMorgan Chase & Co. raised their price objective on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. JMP Securities raised their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. BMO Capital Markets raised their price objective on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 18th. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $13.00 to $18.00 in a research report on Thursday, October 31st. Finally, Barclays raised their price objective on Remitly Global from $16.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $22.38.

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the sale, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. This trade represents a 0.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the sale, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 8.10% of the company’s stock.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $19.64 on Monday. The business has a 50-day moving average of $15.24 and a 200 day moving average of $14.07. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $22.49. The stock has a market capitalization of $3.89 billion, a price-to-earnings ratio of -56.11 and a beta of 0.03.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The company had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. Remitly Global’s revenue for the quarter was up 39.3% on a year-over-year basis. During the same period last year, the business posted ($0.20) EPS. Equities research analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Remitly Global Company 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.