Assetmark Inc. Invests $76,000 in Remitly Global, Inc. (NASDAQ:RELY)

Assetmark Inc. purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 5,642 shares of the financial services provider’s stock, valued at approximately $76,000.

A number of other institutional investors also recently modified their holdings of RELY. Principal Financial Group Inc. grew its position in shares of Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after buying an additional 2,001,198 shares during the last quarter. WoodTrust Financial Corp grew its position in shares of Remitly Global by 54.2% in the 3rd quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider’s stock valued at $248,000 after buying an additional 6,500 shares during the last quarter. Values First Advisors Inc. boosted its position in shares of Remitly Global by 30.2% during the 3rd quarter. Values First Advisors Inc. now owns 14,788 shares of the financial services provider’s stock valued at $198,000 after purchasing an additional 3,426 shares in the last quarter. Brighton Jones LLC boosted its position in shares of Remitly Global by 17.3% during the 3rd quarter. Brighton Jones LLC now owns 428,280 shares of the financial services provider’s stock valued at $5,735,000 after purchasing an additional 63,271 shares in the last quarter. Finally, Bleakley Financial Group LLC boosted its position in shares of Remitly Global by 29.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 15,178 shares of the financial services provider’s stock valued at $203,000 after purchasing an additional 3,422 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. upped their target price on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Monness Crespi & Hardt increased their price objective on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Barclays increased their price target on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday. KeyCorp increased their price target on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $13.00 to $18.00 in a report on Thursday, October 31st. Two equities research analysts have 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 an average price target of $22.75.

Remitly Global Stock Up 0.6 %

Shares of NASDAQ RELY opened at $19.76 on Tuesday. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $22.49. The firm has a market cap of $3.91 billion, a P/E ratio of -56.66 and a beta of 0.03. The company has a 50 day moving average of $15.24 and a 200 day moving average of $14.05.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share 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 during the quarter, compared to analyst estimates of $320.71 million. During the same period in the previous year, the business earned ($0.20) EPS. The company’s quarterly revenue was up 39.3% compared to the same quarter last year. As a group, equities analysts expect that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

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

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.