Fmr LLC Raises Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Fmr LLC increased its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 39.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,919 shares of the financial services provider’s stock after acquiring an additional 1,970 shares during the quarter. Fmr LLC’s holdings in Remitly Global were worth $93,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RELY. Advisors Asset Management Inc. lifted its stake in Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 1,466 shares during the period. Assetmark Inc. purchased a new position in shares of Remitly Global during the 3rd quarter valued at about $76,000. nVerses Capital LLC lifted its holdings in shares of Remitly Global by 2,900.0% in the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock valued at $109,000 after buying an additional 8,700 shares during the period. Green Alpha Advisors LLC purchased a new stake in shares of Remitly Global in the third quarter worth about $144,000. Finally, XTX Topco Ltd grew its holdings in Remitly Global by 39.7% during the second quarter. XTX Topco Ltd now owns 13,952 shares of the financial services provider’s stock worth $169,000 after acquiring an additional 3,968 shares during the period. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Price Performance

RELY stock opened at $22.43 on Tuesday. The company’s 50 day simple moving average is $19.09 and its 200-day simple moving average is $15.33. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $22.93. The firm has a market capitalization of $4.44 billion, a PE ratio of -64.09 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping 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 business had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. During the same period in the prior year, the firm posted ($0.20) EPS. The company’s revenue was up 39.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Insider Transactions at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction 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 sale, the chief executive officer now owns 4,417,011 shares of the company’s stock, valued at $92,138,849.46. The trade was a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 82,012 shares of company stock valued at $1,435,212. Insiders own 8.10% of the company’s stock.

Analysts Set New Price Targets

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

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.