Remitly Global, Inc. $RELY Holdings Cut by State of Alaska Department of Revenue

State of Alaska Department of Revenue lessened its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 38.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 41,941 shares of the financial services provider’s stock after selling 26,123 shares during the quarter. State of Alaska Department of Revenue’s holdings in Remitly Global were worth $894,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Summit Securities Group LLC bought a new stake in shares of Remitly Global in the first quarter worth approximately $26,000. IFP Advisors Inc raised its holdings in shares of Remitly Global by 59.1% during the second quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 527 shares during the last quarter. Nykredit A S purchased a new position in shares of Remitly Global during the second quarter valued at approximately $40,000. GAMMA Investing LLC raised its holdings in shares of Remitly Global by 45.4% during the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 677 shares during the last quarter. Finally, Essential Partners LLC lifted its position in Remitly Global by 181.8% during the first quarter. Essential Partners LLC now owns 3,280 shares of the financial services provider’s stock valued at $51,000 after purchasing an additional 2,116 shares during the period. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Up 3.7%

NASDAQ RELY opened at $25.42 on Thursday. The stock’s 50-day moving average price is $23.93 and its 200-day moving average price is $22.42. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $27.48. The company has a market capitalization of $5.38 billion, a P/E ratio of 18.29 and a beta of 0.39.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%. The business’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 EPS. Research analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current year.

Analyst Upgrades and Downgrades

RELY has been the topic of a number of research analyst reports. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Weiss Ratings raised shares of Remitly Global from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, October 16th. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. Finally, Citizens Jmp boosted their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $27.78.

Insider Activity

In other Remitly Global news, insider Pankaj Sharma sold 21,000 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $26.39, for a total transaction of $554,190.00. Following the sale, the insider owned 716,022 shares in the company, valued at approximately $18,895,820.58. This trade represents a 2.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas Mehta sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total transaction of $653,750.00. Following the sale, the chief financial officer owned 943,735 shares in the company, valued at approximately $24,678,670.25. The trade was a 2.58% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Over the last 90 days, insiders sold 478,738 shares of company stock valued at $11,874,000. 6.53% of the stock is owned by insiders.

Remitly Global Profile

Remitly Global, Inc is a digital financial services company that enables consumers to send money internationally. Its platform is designed primarily for immigrants and other customers who regularly transfer funds to family and friends in their countries of origin.

Through its mobile application and website, Remitly allows users to initiate cross-border remittances and select delivery options such as bank deposits, mobile-wallet transfers, cash pickup and, in some markets, home delivery.