Remitly Global, Inc. (NASDAQ:RELY) Holdings Trimmed by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 24.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,610,014 shares of the financial services provider’s stock after selling 1,513,730 shares during the quarter. JPMorgan Chase & Co. owned 2.33% of Remitly Global worth $61,728,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of RELY. Advisors Asset Management Inc. raised its holdings in shares of Remitly Global by 58.7% during the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 1,466 shares during the period. Assetmark Inc. purchased a new stake in shares of Remitly Global during the 3rd quarter worth about $76,000. FMR LLC raised its position in Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 1,970 shares in the last quarter. Green Alpha Advisors LLC bought a new position in shares of Remitly Global during the 3rd quarter valued at $144,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Remitly Global in the third quarter worth about $151,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on RELY shares. KeyCorp boosted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Barclays raised their price objective on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. JMP Securities lifted their target price on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. Finally, BMO Capital Markets upped their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $22.75.

Insider Activity

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the sale, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. This trade represents a 0.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now owns 3,873,811 shares in the company, valued at $79,877,982.82. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 82,012 shares of company stock valued at $1,435,212 in the last quarter. Company insiders own 8.10% of the company’s stock.

Remitly Global Trading Up 2.6 %

Shares of NASDAQ RELY opened at $22.99 on Friday. The firm has a market capitalization of $4.55 billion, a PE ratio of -65.69 and a beta of 0.07. The firm’s 50-day moving average is $20.57 and its 200-day moving average is $15.92. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $23.11.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the prior year, the company posted ($0.20) earnings per share. The firm’s revenue was up 39.3% on a year-over-year basis. As a group, equities research analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal year.

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.