Laird Norton Wetherby Trust Company LLC Reduces Stock Position in Remitly Global, Inc. $RELY

Laird Norton Wetherby Trust Company LLC trimmed its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 73.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,901 shares of the financial services provider’s stock after selling 77,389 shares during the period. Laird Norton Wetherby Trust Company LLC’s holdings in Remitly Global were worth $455,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in RELY. Gotham Asset Management LLC grew its position in shares of Remitly Global by 43.4% during the third quarter. Gotham Asset Management LLC now owns 230,446 shares of the financial services provider’s stock worth $3,756,000 after buying an additional 69,697 shares in the last quarter. Brevan Howard Capital Management LP bought a new stake in shares of Remitly Global in the third quarter worth $1,457,000. Azora Capital LP acquired a new stake in Remitly Global in the third quarter valued at $31,213,000. Aquatic Capital Management LLC acquired a new stake in Remitly Global in the third quarter valued at $557,000. Finally, ArrowMark Colorado Holdings LLC boosted its stake in Remitly Global by 46.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock valued at $90,159,000 after acquiring an additional 1,748,576 shares during the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RELY has been the subject of several recent analyst reports. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. JPMorgan Chase & Co. cut their target price on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. The Goldman Sachs Group increased their price target on shares of Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, February 19th. Citizens Jmp lifted their price target on Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 19th. Finally, Wall Street Zen raised Remitly Global from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $22.78.

Insiders Place Their Bets

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $17.50, for a total value of $437,500.00. Following the transaction, the chief financial officer owned 862,759 shares of the company’s stock, valued at $15,098,282.50. This trade represents a 2.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ltd Naspers sold 12,000,000 shares of Remitly Global stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $15.98, for a total value of $191,760,000.00. Following the completion of the transaction, the insider owned 13,441,745 shares of the company’s stock, valued at approximately $214,799,085.10. The trade was a 47.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 12,073,290 shares of company stock worth $193,019,269. Corporate insiders own 8.10% of the company’s stock.

Remitly Global Stock Performance

Remitly Global stock opened at $15.26 on Tuesday. The company has a market cap of $3.21 billion, a PE ratio of 49.23 and a beta of 0.06. The company has a fifty day moving average price of $14.60 and a two-hundred day moving average price of $15.07. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $24.70.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.17. The firm had revenue of $442.18 million during the quarter, compared to analyst estimates of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The firm’s revenue for the quarter was up 25.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. Research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.