Remitly Global, Inc. $RELY Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC lowered its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 20.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 135,801 shares of the financial services provider’s stock after selling 34,254 shares during the quarter. Hsbc Holdings PLC owned about 0.06% of Remitly Global worth $2,150,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Summit Securities Group LLC acquired a new position in Remitly Global in the first quarter valued at approximately $26,000. Seelaus Asset Management LLC acquired a new stake in Remitly Global during the first quarter worth approximately $190,000. Counterpoint Mutual Funds LLC acquired a new stake in Remitly Global during the first quarter worth approximately $557,000. Y Intercept Hong Kong Ltd lifted its position in shares of Remitly Global by 64.1% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 155,418 shares of the financial services provider’s stock worth $2,435,000 after buying an additional 60,696 shares during the last quarter. Finally, LB Partners LLC lifted its position in shares of Remitly Global by 22.4% during the 1st quarter. LB Partners LLC now owns 1,529,195 shares of the financial services provider’s stock worth $23,962,000 after buying an additional 280,307 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Wall Street Analyst Weigh In

RELY has been the topic of a number of recent analyst reports. KeyCorp increased their target price on shares of Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Monness Crespi & Hardt boosted their price target on shares of Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Freedom Capital upgraded shares of Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. Weiss Ratings raised Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. Finally, Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Remitly Global has a consensus rating of “Moderate Buy” and a consensus target price of $25.50.

Remitly Global Stock Performance

RELY stock opened at $22.53 on Monday. The company has a market capitalization of $4.74 billion, a P/E ratio of 45.98 and a beta of 0.34. The business has a 50 day simple moving average of $21.65 and a 200-day simple moving average of $18.40. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $25.75.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.12 by $0.11. The firm had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. Remitly Global’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.05 EPS. Research analysts predict that Remitly Global, Inc. will post 0.62 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Bora Chung sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total transaction of $257,040.00. Following the transaction, the director owned 125,317 shares of the company’s stock, valued at $2,684,290.14. This trade represents a 8.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Ankur Sinha sold 7,596 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $160,047.72. Following the completion of the transaction, the insider owned 1,222,718 shares in the company, valued at $25,762,668.26. This trade represents a 0.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 187,188 shares of company stock valued at $4,087,718. 6.53% of the stock is owned by insiders.

Remitly Global Company Profile

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.