JPMorgan Chase & Co. Lowers Stake in Remitly Global, Inc. (NASDAQ:RELY)

JPMorgan Chase & Co. reduced its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 24.7% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,610,014 shares of the financial services provider's stock after selling 1,513,730 shares during the quarter. JPMorgan Chase & Co. owned 2.33% of Remitly Global worth $61,728,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. XTX Topco Ltd increased its position in shares of Remitly Global by 4.0% in the third quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider's stock worth $194,000 after purchasing an additional 563 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Remitly Global by 1.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider's stock worth $1,159,000 after buying an additional 1,170 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Remitly Global by 7.1% in the 2nd quarter. Principal Financial Group Inc. now owns 19,593 shares of the financial services provider's stock worth $237,000 after buying an additional 1,296 shares during the last quarter. Arizona State Retirement System raised its position in shares of Remitly Global by 3.7% during the 2nd quarter. Arizona State Retirement System now owns 39,579 shares of the financial services provider's stock valued at $480,000 after buying an additional 1,415 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock worth $53,000 after acquiring an additional 1,466 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Price Performance

RELY traded up $0.59 during trading on Friday, hitting $22.99. 1,004,451 shares of the stock traded hands, compared to its average volume of 1,386,825. The firm has a market capitalization of $4.55 billion, a P/E ratio of -65.69 and a beta of 0.07. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $23.11. The firm has a 50-day moving average of $20.57 and a 200 day moving average of $15.92.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping 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 company had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same period in the prior year, the business posted ($0.20) earnings per share. Remitly Global's revenue for the quarter was up 39.3% on a year-over-year basis. As a group, equities analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Analyst Ratings Changes

RELY has been the topic of a number of research analyst reports. Barclays increased their target price on Remitly Global from $20.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday, November 18th. Wells Fargo & Company raised Remitly Global from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $13.00 to $18.00 in a report on Thursday, October 31st. KeyCorp upped their target price on Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. BMO Capital Markets lifted their price target on shares of Remitly Global from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 18th. Finally, JMP Securities boosted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.75.

Insider Transactions at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction 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. The trade was a 0.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 151,576 shares of the company's stock, valued at $3,031,520. This represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 82,012 shares of company stock worth $1,435,212. 8.10% of the stock is currently owned by insiders.

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.