Brighton Jones LLC Trims Stock Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Brighton Jones LLC cut its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 9.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 388,956 shares of the financial services provider’s stock after selling 39,324 shares during the period. Brighton Jones LLC owned 0.20% of Remitly Global worth $8,779,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Millennium Management LLC lifted its position in Remitly Global by 108.0% in the second quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after purchasing an additional 2,071,026 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Remitly Global by 4.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock valued at $48,980,000 after buying an additional 169,454 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its holdings in Remitly Global by 13.8% during the third quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock worth $47,578,000 after acquiring an additional 431,987 shares during the period. Geode Capital Management LLC boosted its stake in shares of Remitly Global by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock worth $46,601,000 after purchasing an additional 107,468 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Remitly Global by 25.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock worth $25,843,000 after buying an additional 435,827 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RELY has been the topic of a number of analyst reports. KeyCorp raised their target price on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Barclays lifted their price objective on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. JMP Securities raised their price target on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Finally, Wells Fargo & Company upped their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $23.13.

Remitly Global Stock Performance

NASDAQ RELY opened at $23.55 on Friday. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $23.67. The company’s 50 day moving average price is $21.80 and its 200 day moving average price is $16.93.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same quarter last year, the firm posted ($0.20) EPS. The business’s revenue for the quarter was up 39.3% compared to the same quarter last year. Equities analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total transaction of $304,201.38. Following the transaction, the chief executive officer now owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This trade represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the transaction, the insider now owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 41,893 shares of company stock valued at $864,720 over the last quarter. Company insiders own 8.10% of the company’s stock.

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.