Remitly Global, Inc. (NASDAQ:RELY) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. lessened its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 23.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,100,683 shares of the financial services provider's stock after selling 331,597 shares during the period. Alliancebernstein L.P. owned approximately 0.56% of Remitly Global worth $24,842,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of RELY. Allspring Global Investments Holdings LLC acquired a new position in shares of Remitly Global during the fourth quarter worth about $1,228,000. M&T Bank Corp acquired a new position in Remitly Global during the 3rd quarter worth approximately $693,000. DHK Financial Advisors Inc. purchased a new stake in shares of Remitly Global in the 4th quarter valued at approximately $273,000. Robeco Institutional Asset Management B.V. increased its position in shares of Remitly Global by 8.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider's stock valued at $13,689,000 after purchasing an additional 49,200 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in shares of Remitly Global in the 3rd quarter valued at $628,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Price Performance

Shares of RELY stock traded up $0.40 during trading hours on Friday, hitting $20.41. The stock had a trading volume of 1,647,453 shares, compared to its average volume of 1,948,823. The stock's 50 day moving average is $22.22 and its 200 day moving average is $20.51. The firm has a market capitalization of $4.09 billion, a PE ratio of -107.42 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.

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Remitly Global (NASDAQ:RELY - Get Free Report) 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 the consensus estimate of ($0.07) by $0.04. The company had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. As a group, equities analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the transaction, the chief executive officer now directly owns 4,358,679 shares of the company's stock, valued at $109,882,297.59. This represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 48,749 shares of company stock valued at $1,081,736 over the last quarter. 8.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

RELY has been the topic of several recent analyst reports. William Blair reissued an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. The Goldman Sachs Group dropped their price objective on Remitly Global from $33.00 to $26.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. BMO Capital Markets boosted their target price on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. JMP Securities reiterated a "market outperform" rating and issued a $32.00 price target on shares of Remitly Global in a research note on Thursday. Finally, Barclays boosted their price objective on shares of Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, Remitly Global currently has an average rating of "Moderate Buy" and an average target price of $28.13.

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.