Brighton Jones LLC Decreases Stock Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Brighton Jones LLC lessened its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 9.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 388,956 shares of the financial services provider's stock after selling 39,324 shares during the period. Brighton Jones LLC owned approximately 0.20% of Remitly Global worth $8,779,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Dakota Wealth Management bought a new position in shares of Remitly Global in the fourth quarter worth approximately $269,000. Claro Advisors LLC lifted its position in Remitly Global by 5.2% in the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider's stock valued at $287,000 after acquiring an additional 629 shares in the last quarter. Green Alpha Advisors LLC lifted its position in Remitly Global by 74.4% in the 4th quarter. Green Alpha Advisors LLC now owns 18,730 shares of the financial services provider's stock valued at $423,000 after acquiring an additional 7,991 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock valued at $27,058,000 after purchasing an additional 2,001,198 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in shares of Remitly Global by 18.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 59,643 shares of the financial services provider's stock worth $799,000 after purchasing an additional 9,323 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Stock Performance

NASDAQ RELY traded down $0.53 during trading on Friday, hitting $23.02. The stock had a trading volume of 1,473,591 shares, compared to its average volume of 1,381,559. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $23.74. The stock has a 50 day simple moving average of $21.94 and a 200 day simple moving average of $17.05. The stock has a market capitalization of $4.56 billion, a price-to-earnings ratio of -65.77 and a beta of 0.07.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.07. The business had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business's revenue for the quarter was up 39.3% compared to the same quarter last year. During the same period last year, the company earned ($0.20) earnings per share. On average, sell-side analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current year.

Insider Activity

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider now directly owns 151,576 shares in the company, valued at approximately $3,031,520. The trade was a 2.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Joshua Hug sold 22,198 shares of the company's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 56,476 shares of company stock worth $1,202,171. Corporate insiders own 8.10% of the company's stock.

Analysts Set New Price Targets

RELY has been the subject of several research analyst reports. JMP Securities lifted their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a report on Thursday, October 31st. Wells Fargo & Company lifted their target price on Remitly Global from $18.00 to $21.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. Barclays raised their price objective on Remitly Global from $20.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, November 18th. Finally, KeyCorp boosted their price objective on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.13.

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.