Verition Fund Management LLC Lowers Stock Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Verition Fund Management LLC cut its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 67.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,409 shares of the financial services provider's stock after selling 120,376 shares during the quarter. Verition Fund Management LLC's holdings in Remitly Global were worth $782,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Millennium Management LLC boosted its stake in shares of Remitly Global by 108.0% during the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider's stock valued at $48,333,000 after purchasing an additional 2,071,026 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock worth $27,058,000 after acquiring an additional 2,001,198 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Remitly Global by 74.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider's stock worth $42,280,000 after acquiring an additional 1,487,680 shares in the last quarter. Herr Investment Group LLC purchased a new position in shares of Remitly Global in the 2nd quarter valued at approximately $9,285,000. Finally, LB Partners LLC bought a new stake in shares of Remitly Global during the second quarter valued at approximately $5,736,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Trading Down 0.4 %

RELY traded down $0.08 during trading on Tuesday, hitting $20.94. 1,574,558 shares of the company's stock traded hands, compared to its average volume of 1,723,547. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $22.08. The company's 50 day simple moving average is $17.53 and its two-hundred day simple moving average is $14.79. The stock has a market capitalization of $4.15 billion, a price-to-earnings ratio of -59.83 and a beta of 0.10.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.07. The company had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. Remitly Global's revenue for the quarter was up 39.3% on a year-over-year basis. During the same period last year, the company earned ($0.20) EPS. On average, equities analysts expect that Remitly Global, Inc. will post -0.23 EPS for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on RELY. JMP Securities raised their price objective on Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a research report on Thursday, October 31st. KeyCorp lifted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the company an "overweight" 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 price objective for the stock from $13.00 to $18.00 in a research note on Thursday, October 31st. JPMorgan Chase & Co. raised their target price on shares of Remitly Global from $19.00 to $21.00 and gave the company an "overweight" rating in a research note on Tuesday, August 20th. Finally, Barclays upped their price target on Remitly Global from $20.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $22.75.

Insider Activity

In related 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 completion of the sale, the insider now owns 151,576 shares of the company's stock, valued at $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Joshua Hug sold 22,198 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the transaction, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,429 shares of company stock valued at $1,131,011 over the last three months. Insiders own 8.10% of the company's stock.

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.