Remitly Global, Inc. (NASDAQ:RELY) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP cut its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 26.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,048,451 shares of the financial services provider's stock after selling 725,249 shares during the period. Wellington Management Group LLP owned about 1.03% of Remitly Global worth $46,234,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new position in Remitly Global during the 4th quarter worth $1,228,000. M&T Bank Corp acquired a new position in shares of Remitly Global in the 3rd quarter valued at about $693,000. DHK Financial Advisors Inc. acquired a new position in shares of Remitly Global in the 4th quarter valued at about $273,000. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Remitly Global by 8.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider's stock valued at $13,689,000 after buying an additional 49,200 shares during the period. Finally, Neo Ivy Capital Management acquired a new position in Remitly Global in the 3rd quarter worth about $628,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RELY has been the subject of a number of analyst reports. Barclays upped their price target on Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. JMP Securities reiterated a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a research note on Thursday. JPMorgan Chase & Co. boosted their price objective on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. Finally, BMO Capital Markets boosted their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $28.13.

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Remitly Global Trading Down 3.6 %

Remitly Global stock traded down $0.72 during mid-day trading on Thursday, hitting $19.64. The company's stock had a trading volume of 206,380 shares, compared to its average volume of 1,940,817. The firm has a market capitalization of $3.94 billion, a PE ratio of -103.99 and a beta of 0.15. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The stock's fifty day moving average is $22.37 and its two-hundred day moving average is $20.42.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. The company had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. On average, equities analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the sale, the chief executive officer now directly owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. This trade represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ankur Sinha sold 5,000 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now owns 397,805 shares in the company, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,749 shares of company stock worth $1,081,736 over the last ninety days. Corporate insiders own 8.10% of the company's stock.

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.