Baird Financial Group Inc. Trims Stake in Remitly Global, Inc. (NASDAQ:RELY)

Baird Financial Group Inc. trimmed its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 10.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,000 shares of the financial services provider’s stock after selling 1,000 shares during the quarter. Baird Financial Group Inc.’s holdings in Remitly Global were worth $203,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RELY. Comerica Bank boosted its stake in Remitly Global by 2.1% in the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider’s stock worth $577,000 after buying an additional 534 shares in the last quarter. Sei Investments Co. boosted its stake in Remitly Global by 4.8% in the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock worth $313,000 after buying an additional 636 shares in the last quarter. Values First Advisors Inc. boosted its stake in Remitly Global by 4.4% in the fourth quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock worth $349,000 after buying an additional 653 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in Remitly Global by 4.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 15,617 shares of the financial services provider’s stock worth $352,000 after buying an additional 717 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in Remitly Global by 2.1% in the fourth quarter. Arizona State Retirement System now owns 42,453 shares of the financial services provider’s stock worth $958,000 after buying an additional 886 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Joshua Hug sold 37,718 shares of the firm’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $21.05, for a total transaction of $793,963.90. Following the completion of the transaction, the insider now directly owns 3,776,093 shares in the company, valued at $79,486,757.65. This trade represents a 0.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Ltd Naspers sold 11,900,000 shares of the firm’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $22.89, for a total value of $272,391,000.00. Following the transaction, the insider now owns 25,441,745 shares of the company’s stock, valued at $582,361,543.05. The trade was a 31.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,977,301 shares of company stock worth $273,951,012. 7.50% of the stock is owned by corporate insiders.

Remitly Global Stock Down 0.1%

Shares of Remitly Global stock opened at $22.79 on Friday. The company has a market cap of $4.65 billion, a PE ratio of -119.95 and a beta of 0.16. The business has a 50 day moving average of $20.66 and a 200 day moving average of $21.77. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.09. The business had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The firm’s quarterly revenue was up 34.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.11) earnings per share. On average, research analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Wall Street Analyst Weigh In

RELY has been the subject of several research reports. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. JMP Securities reissued a “market outperform” rating and set a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th. The Goldman Sachs Group increased their price objective on Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. increased their price objective on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Finally, BMO Capital Markets increased their price objective on Remitly Global from $27.00 to $32.00 and gave the company 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’s stock. Based on data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and a consensus price target of $28.88.

Remitly Global Company 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.