Corebridge Financial Inc. Has $1.68 Million Stake in Remitly Global, Inc. (NASDAQ:RELY)

Corebridge Financial Inc. reduced its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 5.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 74,220 shares of the financial services provider’s stock after selling 4,424 shares during the quarter. Corebridge Financial Inc.’s holdings in Remitly Global were worth $1,675,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Global Retirement Partners LLC bought a new position in Remitly Global during the 4th quarter worth approximately $28,000. R Squared Ltd bought a new position in shares of Remitly Global during the fourth quarter worth $89,000. FMR LLC grew its holdings in shares of Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,970 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of Remitly Global in the 4th quarter valued at $135,000. Finally, KBC Group NV raised its stake in Remitly Global by 49.7% during the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock worth $138,000 after buying an additional 2,033 shares during the period. 74.25% of the stock is owned by institutional investors.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $21.38 on Thursday. The company’s 50-day moving average price is $22.95 and its two-hundred day moving average price is $20.21. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32. The stock has a market capitalization of $4.29 billion, a PE ratio of -112.53 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.04. The firm had revenue of $351.90 million during the quarter, compared to analysts’ expectations 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, analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the completion of the sale, the chief executive officer now owns 4,358,679 shares in the company, valued at $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 SEC, which is available through this link. Also, insider Ankur Sinha sold 5,000 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.01, for a total transaction of $95,050.00. Following the transaction, the insider now owns 397,805 shares in the company, valued at $7,562,273.05. This represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,749 shares of company stock valued at $1,081,736. 8.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

RELY has been the subject of several recent analyst reports. The Goldman Sachs Group lowered their price target on Remitly Global from $33.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday. Barclays raised their target price on shares of Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. JPMorgan Chase & Co. raised their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Finally, BMO Capital Markets upped their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $27.25.

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.