Baillie Gifford & Co. Sells 935,088 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Baillie Gifford & Co. lessened its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 9.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,234,732 shares of the financial services provider's stock after selling 935,088 shares during the period. Baillie Gifford & Co. owned 4.66% of Remitly Global worth $123,653,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. GSA Capital Partners LLP increased its holdings in shares of Remitly Global by 30.2% in the third quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider's stock valued at $3,517,000 after purchasing an additional 60,991 shares during the last quarter. State of New Jersey Common Pension Fund D bought a new stake in shares of Remitly Global during the 3rd quarter worth about $1,953,000. Assetmark Inc. acquired a new position in Remitly Global in the 3rd quarter valued at about $76,000. Principal Financial Group Inc. raised its holdings in Remitly Global by 10,213.8% in 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 during the period. Finally, WoodTrust Financial Corp lifted its position in Remitly Global by 54.2% during the third quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider's stock worth $248,000 after acquiring an additional 6,500 shares during the last quarter. Institutional investors own 74.25% of the company's stock.

Remitly Global Stock Up 3.4 %

RELY stock traded up $0.66 during midday trading on Wednesday, reaching $20.25. The company had a trading volume of 4,868,402 shares, compared to its average volume of 1,748,790. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $23.01. The stock has a 50 day moving average price of $14.86 and a 200-day moving average price of $14.00.

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

Insiders Place Their Bets

In other news, insider Pankaj Sharma sold 4,000 shares of Remitly Global 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 owns 151,576 shares in the company, valued at approximately $3,031,520. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Pankaj Sharma sold 4,000 shares of the firm's stock in a transaction that occurred 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 directly owns 151,576 shares in the company, valued at approximately $3,031,520. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $570,492.18. Following the transaction, the chief executive officer now owns 4,542,613 shares of the company's stock, valued at approximately $64,595,956.86. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.10% of the company's stock.

Analysts Set New Price Targets

RELY has been the topic of several research reports. KeyCorp upped their target price on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. boosted their price target on Remitly Global from $19.00 to $21.00 and gave the company an "overweight" rating in a research note on Tuesday, August 20th. 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 report on Thursday, October 31st. Wells Fargo & Company raised shares of Remitly Global from an "underweight" rating to an "equal weight" rating and boosted their target price for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. Finally, Barclays upped their price target on shares of Remitly Global from $16.00 to $20.00 and gave the company an "overweight" rating in a research note on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $22.38.

About Remitly Global

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.