Geode Capital Management LLC Has $46.60 Million Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Geode Capital Management LLC increased its position in Remitly Global, Inc. (NASDAQ:RELY) by 3.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 3,479,666 shares of the financial services provider’s stock after purchasing an additional 107,468 shares during the period. Geode Capital Management LLC owned about 1.76% of Remitly Global worth $46,601,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RELY. Millennium Management LLC lifted its stake in Remitly Global by 108.0% in the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock worth $48,333,000 after acquiring an additional 2,071,026 shares in the last quarter. Principal Financial Group Inc. raised its stake 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 acquiring an additional 2,001,198 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Remitly Global by 74.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock valued at $42,280,000 after purchasing an additional 1,487,680 shares during the period. Herr Investment Group LLC bought a new position in Remitly Global in the 2nd quarter worth $9,285,000. Finally, LB Partners LLC bought a new position in shares of Remitly Global in the second quarter worth about $5,736,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Price Performance

NASDAQ RELY opened at $22.43 on Tuesday. The stock’s 50 day simple moving average is $19.09 and its 200 day simple moving average is $15.33. The firm has a market cap of $4.44 billion, a PE ratio of -64.09 and a beta of 0.10. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $22.93.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating 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 firm had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter last year, the company posted ($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 year.

Analyst Upgrades and Downgrades

RELY has been the subject of several research reports. 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 research report on Thursday, October 31st. BMO Capital Markets raised their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. JMP Securities increased their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. KeyCorp upped their price objective on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, Barclays boosted their price target on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.75.

Insider Buying and Selling

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider now directly owns 151,576 shares of the company’s stock, valued at approximately $3,031,520. The trade was a 2.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction that occurred on 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 in the company, valued at $64,595,956.86. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 82,012 shares of company stock worth $1,435,212 in the last quarter. Insiders own 8.10% of the company’s stock.

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.