Remitly Global, Inc. $RELY Shares Sold by Lead Edge Capital Management LLC

Lead Edge Capital Management LLC lowered its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 7.1% in the first quarter, HoldingsChannel reports. The fund owned 3,771,955 shares of the financial services provider’s stock after selling 288,458 shares during the period. Remitly Global accounts for approximately 14.5% of Lead Edge Capital Management LLC’s investment portfolio, making the stock its 2nd largest holding. Lead Edge Capital Management LLC’s holdings in Remitly Global were worth $59,107,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Baillie Gifford & Co. boosted its holdings in Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after acquiring an additional 3,790,210 shares during the last quarter. Marshall Wace LLP increased its position in Remitly Global by 30.4% in the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after purchasing an additional 1,396,568 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after purchasing an additional 2,567,446 shares during the last quarter. Geode Capital Management LLC raised its holdings in Remitly Global by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock worth $57,278,000 after purchasing an additional 67,700 shares during the last quarter. Finally, State Street Corp lifted its position in Remitly Global by 4.7% during the 4th quarter. State Street Corp now owns 3,785,052 shares of the financial services provider’s stock valued at $52,234,000 after purchasing an additional 168,942 shares during the period. Institutional investors own 74.25% of the company’s stock.

Insiders Place Their Bets

In related news, insider Ankur Sinha sold 7,596 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $160,047.72. Following the completion of the transaction, the insider owned 1,222,718 shares in the company, valued at approximately $25,762,668.26. The trade was a 0.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $526,750.00. Following the completion of the sale, the chief financial officer directly owned 988,004 shares of the company’s stock, valued at $20,817,244.28. The trade was a 2.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 187,188 shares of company stock worth $4,087,718 over the last ninety days. Company insiders own 6.53% of the company’s stock.

Analysts Set New Price Targets

RELY has been the topic of several recent research reports. Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. Monness Crespi & Hardt boosted their price target on shares of Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, July 16th. Finally, Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and a consensus price target of $25.50.

Remitly Global Trading Down 1.5%

NASDAQ RELY opened at $22.53 on Friday. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $25.75. The stock has a 50-day simple moving average of $21.65 and a 200 day simple moving average of $18.36. The company has a market capitalization of $4.74 billion, a PE ratio of 45.98 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $438.94 million. During the same quarter last year, the business earned $0.05 earnings per share. The company’s revenue was up 25.2% compared to the same quarter last year. As a group, sell-side analysts predict that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Remitly Global Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.