Intellectus Partners LLC Has $564,000 Stake in Remitly Global, Inc. (NASDAQ:RELY)

Intellectus Partners LLC reduced its stake in Remitly Global, Inc. (NASDAQ:RELY) by 12.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,150 shares of the financial services provider’s stock after selling 5,800 shares during the period. Intellectus Partners LLC’s holdings in Remitly Global were worth $564,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Advisors Asset Management Inc. boosted its position in Remitly Global by 409.8% in the first quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,344 shares in the last quarter. Blue Trust Inc. bought a new position in shares of Remitly Global in the 2nd quarter valued at $43,000. Assetmark Inc. acquired a new stake in shares of Remitly Global during the 3rd quarter valued at $76,000. nVerses Capital LLC grew its position in Remitly Global by 2,900.0% during the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 8,700 shares during the last quarter. Finally, Values First Advisors Inc. acquired a new position in Remitly Global in the 2nd quarter worth about $138,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insider Buying and Selling at Remitly Global

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

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $19.64 on Friday. The company has a market capitalization of $3.89 billion, a PE ratio of -56.11 and a beta of 0.03. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $22.49. The business has a fifty day moving average price of $15.24 and a two-hundred day moving average price of $14.10.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. JMP Securities raised their price target 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. JPMorgan Chase & Co. upped their price objective on shares of Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. KeyCorp lifted their target price on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Finally, Barclays raised their price target on shares of Remitly Global from $16.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $22.38.

Remitly Global 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.