Blue Trust Inc. Decreases Position in Remitly Global, Inc. (NASDAQ:RELY)

Blue Trust Inc. trimmed its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 36.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,249 shares of the financial services provider’s stock after selling 1,291 shares during the quarter. Blue Trust Inc.’s holdings in Remitly Global were worth $30,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Advisors Asset Management Inc. boosted its position in Remitly Global by 409.8% during the first quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,344 shares in the last quarter. Picton Mahoney Asset Management purchased a new stake in shares of Remitly Global in the first quarter valued at $37,000. nVerses Capital LLC lifted its position in shares of Remitly Global by 2,900.0% in the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock valued at $109,000 after acquiring an additional 8,700 shares in the last quarter. Values First Advisors Inc. purchased a new stake in shares of Remitly Global in the second quarter valued at $138,000. Finally, Simplicity Wealth LLC lifted its position in shares of Remitly Global by 11.7% in the second quarter. Simplicity Wealth LLC now owns 11,756 shares of the financial services provider’s stock valued at $142,000 after acquiring an additional 1,228 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on RELY shares. JMP Securities upped 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. Monness Crespi & Hardt upped their price objective on Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. KeyCorp upped their price objective on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday. JPMorgan Chase & Co. upped their price objective on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Finally, BMO Capital Markets upped their price objective on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.88.

Remitly Global Stock Performance

Remitly Global stock opened at $17.95 on Friday. The firm has a market capitalization of $3.56 billion, a P/E ratio of -51.29 and a beta of 0.02. The stock has a fifty day moving average price of $14.03 and a 200 day moving average price of $14.01. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $23.01. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.03.

Remitly Global (NASDAQ:RELY) last released 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 firm had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative return on equity of 11.99% and a negative net margin of 5.63%. The business’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.20) earnings per share. Equities research analysts anticipate that Remitly Global, Inc. will post -0.3 earnings per share for the current year.

Insiders Place Their Bets

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the sale, the chief executive officer now directly owns 4,542,613 shares in the company, valued at $64,595,956.86. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 8.10% of the stock is currently owned by insiders.

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.