Massachusetts Financial Services Co. MA Lowers Stock Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Massachusetts Financial Services Co. MA cut its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 61.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,418,605 shares of the financial services provider's stock after selling 2,239,319 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.72% of Remitly Global worth $32,018,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of RELY. Norges Bank purchased a new position in Remitly Global in the 4th quarter valued at about $66,169,000. Principal Financial Group Inc. lifted its position in shares of Remitly Global by 10,213.8% in the third 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. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Remitly Global by 110.7% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,060,634 shares of the financial services provider's stock worth $23,939,000 after acquiring an additional 557,168 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Remitly Global by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider's stock worth $330,674,000 after acquiring an additional 380,159 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Remitly Global during the fourth quarter worth approximately $7,700,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RELY. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. The Goldman Sachs Group reduced their price target 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 price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. raised their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research report on Thursday, February 20th. Finally, Barclays boosted their target price on shares of Remitly Global from $28.00 to $29.00 and gave the company an "overweight" rating in a report on Monday, February 24th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $28.13.

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction dated Wednesday, February 5th. The stock was 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 approximately $109,882,297.59. This represents a 0.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ankur Sinha sold 5,000 shares of the company's 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 transaction, the insider now directly owns 397,805 shares of the company's stock, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,749 shares of company stock worth $1,081,736. Corporate insiders own 8.10% of the company's stock.

Remitly Global Stock Performance

Shares of RELY traded up $0.40 during midday trading on Friday, hitting $20.41. 1,647,453 shares of the stock were exchanged, compared to its average volume of 1,948,823. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $27.32. The stock has a fifty day simple moving average of $22.22 and a 200 day simple moving average of $20.51. The firm has a market cap of $4.09 billion, a P/E ratio of -107.42 and a beta of 0.15.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The firm had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. As a group, equities research analysts forecast that Remitly Global, Inc. will post -0.04 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.