Connor Clark & Lunn Investment Management Ltd. Sells 73,110 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 12.7% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 503,466 shares of the financial services provider's stock after selling 73,110 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.25% of Remitly Global worth $6,741,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in RELY. Millennium Management LLC boosted its stake in Remitly Global by 108.0% during the second quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider's stock worth $48,333,000 after buying an additional 2,071,026 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of 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 acquiring an additional 2,001,198 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Remitly Global by 74.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider's stock valued at $42,280,000 after acquiring an additional 1,487,680 shares during the period. Herr Investment Group LLC bought a new stake in Remitly Global in the second quarter valued at about $9,285,000. Finally, LB Partners LLC acquired a new position in Remitly Global in the second quarter worth about $5,736,000. Institutional investors own 74.25% of the company's stock.

Insiders Place Their Bets

In other news, insider Pankaj Sharma sold 4,000 shares of the firm's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the transaction, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 2.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the sale, the chief executive officer now directly owns 4,542,613 shares of the company's stock, valued at approximately $64,595,956.86. This trade represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 45,231 shares of company stock valued at $673,288. 8.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RELY shares. Wells Fargo & Company raised Remitly Global from an "underweight" rating to an "equal weight" rating and lifted their price objective for the company from $13.00 to $18.00 in a report on Thursday, October 31st. Monness Crespi & Hardt boosted their price target on Remitly Global from $29.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, August 1st. JMP Securities increased their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a research note on Thursday, October 31st. Barclays boosted their target price on shares of Remitly Global from $20.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday, November 18th. Finally, JPMorgan Chase & Co. increased their target price on shares of Remitly Global from $19.00 to $21.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 20th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $22.75.

Remitly Global Stock Performance

RELY traded up $0.36 during midday trading on Friday, hitting $21.04. The company had a trading volume of 1,853,283 shares, compared to its average volume of 2,701,088. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $22.49. The company has a market capitalization of $4.17 billion, a PE ratio of -60.11 and a beta of 0.03. The firm's 50-day simple moving average is $15.88 and its 200-day simple moving average is $14.24.

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

Remitly Global 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.