Bank of New York Mellon Corp Sells 91,590 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Bank of New York Mellon Corp reduced its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 12.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 664,066 shares of the financial services provider's stock after selling 91,590 shares during the quarter. Bank of New York Mellon Corp owned 0.34% of Remitly Global worth $14,988,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of RELY. Global Retirement Partners LLC acquired a new position in shares of Remitly Global in the 4th quarter valued at $28,000. R Squared Ltd bought a new stake in shares of Remitly Global in the 4th quarter worth about $89,000. Advisors Asset Management Inc. grew its holdings in shares of Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock worth $53,000 after purchasing an additional 1,466 shares during the last quarter. Assetmark Inc. bought a new stake in shares of Remitly Global in the 3rd quarter worth about $76,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Remitly Global in the 4th quarter worth about $135,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Stock Up 0.7 %

NASDAQ RELY traded up $0.13 during trading on Friday, reaching $19.90. 3,504,971 shares of the stock traded hands, compared to its average volume of 1,742,610. The firm has a market cap of $3.99 billion, a price-to-earnings ratio of -104.74 and a beta of 0.07. The stock's 50-day moving average price is $23.55 and its 200 day moving average price is $19.58. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week 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, beating analysts' consensus estimates of ($0.07) by $0.04. The firm had revenue of $351.90 million during the quarter, compared to analysts' expectations of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. Analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on RELY. Wells Fargo & Company upped their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. Barclays upped their target price on shares of Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. The Goldman Sachs Group upped their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. BMO Capital Markets increased their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Finally, William Blair restated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $28.13.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred 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 of the company's stock, valued at approximately $101,534,733.30. The trade was a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 8.10% of the company's stock.

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.