PNC Financial Services Group Inc. Purchases 5,290 Shares of Remitly Global, Inc. (NASDAQ:RELY)

PNC Financial Services Group Inc. lifted its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 65.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,318 shares of the financial services provider’s stock after acquiring an additional 5,290 shares during the period. PNC Financial Services Group Inc.’s holdings in Remitly Global were worth $301,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Global Retirement Partners LLC bought a new stake in shares of Remitly Global during the fourth quarter valued at approximately $28,000. R Squared Ltd bought a new stake in Remitly Global in the 4th quarter worth approximately $89,000. Advisors Asset Management Inc. grew its position in Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 1,466 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Remitly Global in the 4th quarter worth approximately $135,000. Finally, KBC Group NV grew its position in Remitly Global by 49.7% in the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock worth $138,000 after purchasing an additional 2,033 shares during the period. Institutional investors own 74.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on RELY shares. The Goldman Sachs Group lifted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. Wells Fargo & Company lifted their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. BMO Capital Markets lifted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Finally, Barclays lifted their price target on shares of Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $28.13.

Remitly Global Stock Performance

RELY opened at $20.33 on Friday. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The firm’s fifty day moving average is $23.25 and its 200 day moving average is $19.76. The stock has a market cap of $4.08 billion, a price-to-earnings ratio of -107.00 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. On average, equities research analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the sale, the insider now directly owns 397,805 shares in the company, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.31, for a total transaction of $281,597.73. Following the completion of the sale, the chief executive officer now owns 4,329,513 shares in the company, valued at approximately $83,602,896.03. This trade represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,749 shares of company stock worth $1,081,736. Insiders own 8.10% of the company’s stock.

About Remitly Global

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.