Remitly Global, Inc. (NASDAQ:RELY) Shares Acquired by State Street Corp

State Street Corp raised its stake in Remitly Global, Inc. (NASDAQ:RELY) by 0.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,136,399 shares of the financial services provider’s stock after purchasing an additional 6,698 shares during the quarter. State Street Corp owned about 1.58% of Remitly Global worth $41,996,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. purchased a new position in shares of Remitly Global in the second quarter valued at $43,000. Advisors Asset Management Inc. boosted 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 valued at $53,000 after buying an additional 1,466 shares during the last quarter. Assetmark Inc. purchased a new position in Remitly Global in the 3rd quarter valued at about $76,000. FMR LLC grew its stake in shares of Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 1,970 shares in the last quarter. Finally, nVerses Capital LLC increased its position in shares of Remitly Global by 2,900.0% during the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 8,700 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the sale, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction of $304,201.38. Following the completion of the transaction, the chief executive officer now directly owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 82,012 shares of company stock valued at $1,435,212 over the last three months. Company insiders own 8.10% of the company’s stock.

Remitly Global Price Performance

NASDAQ RELY opened at $22.61 on Friday. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $22.70. The firm has a market capitalization of $4.48 billion, a PE ratio of -64.60 and a beta of 0.10. The company’s 50 day simple moving average is $18.91 and its 200 day simple moving average is $15.24.

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, beating the consensus estimate 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 company had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. During the same period last year, the firm earned ($0.20) EPS. The firm’s revenue for the quarter was up 39.3% on a year-over-year basis. Sell-side analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RELY. BMO Capital Markets increased their price target on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, September 18th. JMP Securities raised 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. Barclays upped their price target on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $13.00 to $18.00 in a report on Thursday, October 31st. Finally, KeyCorp upped their target price on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and an average target price of $22.75.

Remitly Global 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.