Remitly Global, Inc. (NASDAQ:RELY) Stock Position Decreased by Assetmark Inc.

Assetmark Inc. cut its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 13.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,872 shares of the financial services provider’s stock after selling 770 shares during the period. Assetmark Inc.’s holdings in Remitly Global were worth $110,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RELY. Charles Schwab Investment Management Inc. grew its holdings in Remitly Global by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,246,582 shares of the financial services provider’s stock valued at $28,135,000 after buying an additional 25,616 shares during the last quarter. SVB Wealth LLC acquired a new stake in Remitly Global in the 4th quarter valued at approximately $1,031,000. Versor Investments LP acquired a new stake in Remitly Global in the 4th quarter valued at approximately $594,000. Proficio Capital Partners LLC acquired a new stake in Remitly Global in the 4th quarter valued at approximately $315,000. Finally, Oppenheimer & Co. Inc. acquired a new stake in Remitly Global in the 4th quarter valued at approximately $956,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the transaction, the chief executive officer now directly owns 4,358,679 shares of the company’s stock, valued at approximately $109,882,297.59. The trade was a 0.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.10% of the stock is currently owned by corporate insiders.

Remitly Global Trading Up 0.7 %

NASDAQ:RELY opened at $19.90 on Friday. The stock has a market cap of $3.99 billion, a P/E ratio of -104.74 and a beta of 0.07. The stock has a 50 day simple moving average of $23.55 and a 200 day simple moving average of $19.53. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $343.67 million. As a group, sell-side analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Analyst Ratings Changes

RELY has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their price objective on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Wells Fargo & Company lifted their price objective on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. BMO Capital Markets lifted their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. William Blair reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. Finally, Barclays raised their target price on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.13.

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.