Remitly Global, Inc. (NASDAQ:RELY) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in Remitly Global, Inc. (NASDAQ:RELY) by 10,213.8% in the third quarter, HoldingsChannel.com reports. The fund owned 2,020,791 shares of the financial services provider’s stock after buying an additional 2,001,198 shares during the quarter. Principal Financial Group Inc.’s holdings in Remitly Global were worth $27,058,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in RELY. Millennium Management LLC boosted its position in 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 purchasing an additional 2,071,026 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Remitly Global by 74.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock worth $42,280,000 after acquiring an additional 1,487,680 shares during the last quarter. Herr Investment Group LLC acquired a new stake in shares of Remitly Global in the 2nd quarter worth about $9,285,000. Hood River Capital Management LLC bought a new stake in Remitly Global in the 1st quarter valued at about $12,789,000. Finally, Lord Abbett & CO. LLC boosted its stake in Remitly Global by 27.3% during the 1st quarter. Lord Abbett & CO. LLC now owns 2,470,323 shares of the financial services provider’s stock valued at $51,234,000 after purchasing an additional 530,485 shares during the period. 74.25% of the stock is owned by institutional investors.

Remitly Global Trading Down 0.7 %

Shares of Remitly Global stock opened at $19.59 on Wednesday. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $23.01. The company’s 50-day moving average price is $14.86 and its two-hundred day moving average price is $14.00. The stock has a market cap of $3.88 billion, a PE ratio of -55.97 and a beta of 0.03.

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

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the sale, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the transaction, the insider now owns 151,576 shares in the company, valued at approximately $3,031,520. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the sale, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RELY. JMP Securities raised their price target on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. lifted their target price on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. KeyCorp increased their price target on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Barclays lifted their price objective on shares of Remitly Global from $16.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Finally, Wells Fargo & Company upgraded shares of Remitly Global from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.38.

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.