Claro Advisors LLC Trims Stock Position in Remitly Global, Inc. (NASDAQ:RELY)

Claro Advisors LLC lessened its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 22.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 12,071 shares of the financial services provider’s stock after selling 3,547 shares during the period. Claro Advisors LLC’s holdings in Remitly Global were worth $162,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. GSA Capital Partners LLP raised its stake in shares of Remitly Global by 30.2% in the third quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock valued at $3,517,000 after acquiring an additional 60,991 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in Remitly Global during the 3rd quarter worth about $1,953,000. Assetmark Inc. purchased a new position in shares of Remitly Global in the 3rd quarter valued at about $76,000. Principal Financial Group Inc. grew its position in shares of Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after buying an additional 2,001,198 shares in the last quarter. Finally, WoodTrust Financial Corp increased its stake in shares of Remitly Global by 54.2% during the third quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider’s stock worth $248,000 after buying an additional 6,500 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the sale, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 2.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the sale, the chief executive officer now directly owns 4,542,613 shares in the company, valued at $64,595,956.86. The trade was a 0.88 % decrease in their position. The disclosure for this sale can be found here. 8.10% of the stock is owned by company insiders.

Remitly Global Stock Up 1.1 %

RELY stock opened at $19.97 on Wednesday. The stock has a market capitalization of $3.96 billion, a price-to-earnings ratio of -57.06 and a beta of 0.03. The stock’s fifty day simple moving average is $15.49 and its 200-day simple moving average is $14.11. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $22.49.

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on RELY shares. BMO Capital Markets lifted their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 18th. KeyCorp upped their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Barclays raised their target price on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday. JMP Securities raised their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. Finally, Monness Crespi & Hardt upped their target price on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $22.75.

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.