Allspring Global Investments Holdings LLC Takes $1.23 Million Position in Remitly Global, Inc. (NASDAQ:RELY)

Allspring Global Investments Holdings LLC purchased a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 54,803 shares of the financial services provider’s stock, valued at approximately $1,228,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RELY. WoodTrust Financial Corp grew its position in Remitly Global by 54.2% during the third quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider’s stock worth $248,000 after buying an additional 6,500 shares in the last quarter. Principal Financial Group Inc. grew its position in 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 worth $27,058,000 after buying an additional 2,001,198 shares in the last quarter. Assetmark Inc. purchased a new position in Remitly Global during the third quarter worth about $76,000. State of New Jersey Common Pension Fund D purchased a new position in Remitly Global during the third quarter worth about $1,953,000. Finally, GSA Capital Partners LLP grew its position in Remitly Global by 30.2% during the third quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock worth $3,517,000 after buying an additional 60,991 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RELY has been the subject of a number of research reports. Barclays upped their price objective on Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Wells Fargo & Company upped their price target on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday. BMO Capital Markets upped their target price on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday. KeyCorp upped their target price on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, JMP Securities upped their target price on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $28.00.

Insiders Place Their Bets

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Joshua Hug sold 22,198 shares of the business’s 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 $79,877,982.82. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,947 shares of company stock valued at $1,467,012 over the last 90 days. Insiders own 8.10% of the company’s stock.

Remitly Global Stock Performance

Shares of Remitly Global stock opened at $23.86 on Friday. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32. The stock’s fifty day moving average is $23.64 and its 200 day moving average is $18.71. The stock has a market cap of $4.79 billion, a P/E ratio of -125.58 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data 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. The firm had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. Analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

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.