Remitly Global, Inc. (NASDAQ:RELY) Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 12.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 242,027 shares of the financial services provider's stock after selling 33,260 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.12% of Remitly Global worth $3,241,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of RELY. The Manufacturers Life Insurance Company grew its holdings in shares of Remitly Global by 1.4% in the third quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider's stock worth $1,159,000 after purchasing an additional 1,170 shares during the last quarter. Principal Financial Group Inc. boosted its position in 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 valued at $237,000 after buying an additional 1,296 shares during the period. Arizona State Retirement System grew its stake in Remitly Global by 3.7% in the 2nd quarter. Arizona State Retirement System now owns 39,579 shares of the financial services provider's stock worth $480,000 after acquiring an additional 1,415 shares in the last quarter. Advisors Asset Management Inc. grew its stake in Remitly Global by 58.7% in 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 in the last quarter. Finally, FMR LLC increased its position in shares of Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock worth $93,000 after acquiring an additional 1,970 shares during the period. Hedge funds and other institutional investors own 74.25% of the company's stock.

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the sale, the chief executive officer now directly owns 4,417,011 shares in the company, valued at $92,138,849.46. This represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Pankaj Sharma sold 4,000 shares of the business's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the transaction, the insider now owns 151,576 shares in the company, valued at $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 82,012 shares of company stock worth $1,435,212 over the last quarter. 8.10% of the stock is currently owned by corporate insiders.

Remitly Global Price Performance

Shares of RELY stock traded down $0.62 during mid-day trading on Friday, hitting $20.74. 1,249,914 shares of the stock traded hands, compared to its average volume of 1,719,754. The stock has a market cap of $4.11 billion, a P/E ratio of -59.26 and a beta of 0.10. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $22.08. The stock's fifty day moving average is $18.02 and its two-hundred day moving average is $14.95.

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

Analysts Set New Price Targets

Several brokerages recently issued reports on RELY. 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. KeyCorp increased their price target on Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. lifted their price objective on Remitly Global from $19.00 to $21.00 and gave the company an "overweight" rating in a report on Tuesday, August 20th. Wells Fargo & Company upgraded shares of Remitly Global from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $13.00 to $18.00 in a report on Thursday, October 31st. Finally, Barclays boosted their price target on shares of Remitly Global from $20.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, November 18th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $22.75.

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.