Advisors Asset Management Inc. Boosts Stake in Remitly Global, Inc. (NASDAQ:RELY)

Advisors Asset Management Inc. increased its position in Remitly Global, Inc. (NASDAQ:RELY) by 58.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,962 shares of the financial services provider’s stock after purchasing an additional 1,466 shares during the quarter. Advisors Asset Management Inc.’s holdings in Remitly Global were worth $53,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in RELY. Millennium Management LLC boosted its holdings in shares of Remitly Global by 108.0% during the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after buying an additional 2,071,026 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Remitly Global by 74.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock worth $42,280,000 after purchasing an additional 1,487,680 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Remitly Global by 25.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock worth $25,843,000 after purchasing an additional 435,827 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after purchasing an additional 2,001,198 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Remitly Global by 76.3% during the second quarter. Bank of New York Mellon Corp now owns 915,319 shares of the financial services provider’s stock valued at $11,094,000 after buying an additional 396,264 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Price Performance

Shares of RELY stock opened at $20.56 on Friday. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $22.08. The firm has a fifty day moving average price of $16.52 and a 200-day moving average price of $14.45. The company has a market cap of $4.07 billion, a price-to-earnings ratio of -58.74 and a beta of 0.03.

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. upped their target price 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. BMO Capital Markets increased their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. 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 report on Thursday, October 31st. Wells Fargo & Company upgraded shares of Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. Finally, Barclays raised their price target on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Remitly Global presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.75.

Insider Activity at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the transaction, the insider now directly owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s stock in a transaction 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 directly owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. This trade represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,429 shares of company stock valued at $1,131,011. Corporate 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.