Massachusetts Financial Services Co. MA Sells 2,239,319 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Massachusetts Financial Services Co. MA lowered its position in Remitly Global, Inc. (NASDAQ:RELY) by 61.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,418,605 shares of the financial services provider’s stock after selling 2,239,319 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.72% of Remitly Global worth $32,018,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Global Retirement Partners LLC purchased a new stake in shares of Remitly Global during the fourth quarter valued at $28,000. R Squared Ltd purchased a new stake in Remitly Global in the 4th quarter valued at about $89,000. Wilmington Savings Fund Society FSB bought a new position in Remitly Global in the 4th quarter worth about $135,000. KBC Group NV increased its position in shares of Remitly Global by 49.7% during the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 2,033 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of Remitly Global during the fourth quarter valued at approximately $155,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the sale, the chief executive officer now directly owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. The trade was a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ankur Sinha sold 5,000 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the sale, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,749 shares of company stock worth $1,081,736. Insiders own 8.10% of the company’s stock.

Remitly Global Stock Down 7.3 %

NASDAQ:RELY opened at $18.66 on Monday. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of -98.21 and a beta of 0.15. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The firm has a 50 day moving average of $22.79 and a 200 day moving average of $20.32.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The firm had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. As a group, analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on RELY shares. The Goldman Sachs Group dropped their price objective on Remitly Global from $33.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. BMO Capital Markets raised their price target on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Wells Fargo & Company raised their target price on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. upped their price target on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.25.

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.