Aigen Investment Management LP Sells 35,312 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Aigen Investment Management LP lessened its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 74.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,264 shares of the financial services provider's stock after selling 35,312 shares during the period. Aigen Investment Management LP's holdings in Remitly Global were worth $164,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Swiss National Bank raised its holdings in Remitly Global by 2.4% during the 1st quarter. Swiss National Bank now owns 274,300 shares of the financial services provider's stock valued at $5,689,000 after buying an additional 6,500 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Remitly Global by 10.9% during the first quarter. ProShare Advisors LLC now owns 24,452 shares of the financial services provider's stock valued at $507,000 after acquiring an additional 2,407 shares during the last quarter. Bleakley Financial Group LLC purchased a new stake in shares of Remitly Global during the first quarter worth about $218,000. Blair William & Co. IL grew its stake in shares of Remitly Global by 133.4% in the first quarter. Blair William & Co. IL now owns 34,408 shares of the financial services provider's stock worth $714,000 after purchasing an additional 19,665 shares during the last quarter. Finally, American International Group Inc. increased its holdings in Remitly Global by 1.3% during the 1st quarter. American International Group Inc. now owns 67,072 shares of the financial services provider's stock valued at $1,391,000 after purchasing an additional 871 shares during the period. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Price Performance

NASDAQ:RELY traded up $0.12 during mid-day trading on Monday, hitting $19.76. 1,406,598 shares of the company's stock were exchanged, compared to its average volume of 1,743,123. The company has a market cap of $3.91 billion, a PE ratio of -56.66 and a beta of 0.03. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $22.49. The business has a fifty day moving average price of $15.24 and a 200 day moving average price of $14.05.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The firm had revenue of $336.53 million for the quarter, compared to analysts' expectations of $320.71 million. During the same period in the previous year, the firm posted ($0.20) EPS. The business's revenue for the quarter was up 39.3% compared to the same quarter last year. On average, equities analysts forecast that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the company's stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 4,542,613 shares of the company's stock, valued at approximately $64,595,956.86. This represents a 0.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the sale, the insider now owns 151,576 shares in the company, valued at approximately $3,031,520. This represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 8.10% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RELY. KeyCorp increased their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. BMO Capital Markets raised their price target on Remitly Global from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 18th. Barclays boosted their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday. Monness Crespi & Hardt raised their target price on shares of Remitly Global from $29.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. Finally, Wells Fargo & Company upgraded shares of Remitly Global from an "underweight" rating to an "equal weight" rating and boosted their price target for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $22.75.

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.