Remitly Global, Inc. $RELY Stock Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its stake in Remitly Global, Inc. (NASDAQ:RELY) by 38.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 41,941 shares of the financial services provider’s stock after selling 26,123 shares during the period. State of Alaska Department of Revenue’s holdings in Remitly Global were worth $894,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. State of Wyoming bought a new position in Remitly Global in the second quarter worth about $935,000. Squarepoint Ops LLC bought a new stake in Remitly Global during the 2nd quarter valued at approximately $6,282,000. Bank of America Corp DE bought a new stake in Remitly Global during the 2nd quarter valued at approximately $27,757,000. California State Teachers Retirement System boosted its position in Remitly Global by 24.7% during the 1st quarter. California State Teachers Retirement System now owns 208,409 shares of the financial services provider’s stock valued at $3,266,000 after acquiring an additional 41,221 shares in the last quarter. Finally, Lead Edge Capital Management LLC bought a new stake in Remitly Global during the 2nd quarter valued at approximately $60,232,971. Institutional investors own 74.25% of the company’s stock.

Analysts Set New Price Targets

RELY has been the topic of a number of research analyst reports. The Goldman Sachs Group upped their target price on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Cantor Fitzgerald raised their target price on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. KeyCorp lifted their price target on Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Finally, Wolfe Research upped their price target on Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 25th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $27.78.

Remitly Global Stock Performance

Shares of Remitly Global stock opened at $25.42 on Thursday. The company has a 50-day simple moving average of $23.93 and a two-hundred day simple moving average of $22.42. The stock has a market capitalization of $5.38 billion, a PE ratio of 18.29 and a beta of 0.39. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.48.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.03 earnings per share. As a group, equities research analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other Remitly Global news, insider Pankaj Sharma sold 21,000 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $26.39, for a total transaction of $554,190.00. Following the sale, the insider directly owned 716,022 shares in the company, valued at approximately $18,895,820.58. This trade represents a 2.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel Morris sold 6,300 shares of Remitly Global stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $27.03, for a total value of $170,289.00. Following the completion of the sale, the director directly owned 1,804,756 shares of the company’s stock, valued at approximately $48,782,554.68. The trade was a 0.35% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 478,738 shares of company stock valued at $11,874,000. 6.53% of the stock is currently owned by company insiders.

Remitly Global Profile

Remitly Global, Inc is a digital financial services company that enables consumers to send money internationally. Its platform is designed primarily for immigrants and other customers who regularly transfer funds to family and friends in their countries of origin.

Through its mobile application and website, Remitly allows users to initiate cross-border remittances and select delivery options such as bank deposits, mobile-wallet transfers, cash pickup and, in some markets, home delivery.