Wellington Management Group LLP Has $37.14 Million Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Wellington Management Group LLP reduced its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 41.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,773,700 shares of the financial services provider's stock after selling 1,945,974 shares during the quarter. Wellington Management Group LLP owned approximately 1.40% of Remitly Global worth $37,140,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in RELY. Principal Financial Group Inc. grew its position in 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 last quarter. GSA Capital Partners LLP raised its stake in Remitly Global by 30.2% during the 3rd quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider's stock worth $3,517,000 after buying an additional 60,991 shares during the period. State of New Jersey Common Pension Fund D purchased a new stake in shares of Remitly Global in the third quarter worth approximately $1,953,000. Intech Investment Management LLC purchased a new stake in shares of Remitly Global during the third quarter valued at approximately $603,000. Finally, Holocene Advisors LP bought a new position in Remitly Global during the third quarter valued at $1,418,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business's stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction 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. The trade was a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares of the company's stock, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 82,012 shares of company stock worth $1,435,212 in the last 90 days. Corporate insiders own 8.10% of the company's stock.

Remitly Global Price Performance

RELY traded down $0.61 during trading on Friday, hitting $20.75. 476,087 shares of the company's stock were exchanged, compared to its average volume of 1,716,469. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $22.08. The stock has a 50 day moving average price of $17.87 and a 200 day moving average price of $14.89.

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

Wall Street Analysts Forecast Growth

RELY has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price objective on Remitly Global from $19.00 to $21.00 and gave the stock an "overweight" rating in a report on Tuesday, August 20th. Barclays increased 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. KeyCorp increased their price target on shares of Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. BMO Capital Markets lifted their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the company an "outperform" rating in a report on Wednesday, September 18th. Finally, JMP Securities boosted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company currently 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.