Advisors Asset Management Inc. Buys 1,466 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Advisors Asset Management Inc. boosted its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 58.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 3,962 shares of the financial services provider’s stock after buying an additional 1,466 shares during the quarter. Advisors Asset Management Inc.’s holdings in Remitly Global were worth $53,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of RELY. Caprock Group LLC raised its position in Remitly Global by 7.7% in the 3rd quarter. Caprock Group LLC now owns 37,869 shares of the financial services provider’s stock worth $507,000 after purchasing an additional 2,710 shares during the period. Pathstone Holdings LLC raised its holdings in shares of Remitly Global by 2.1% in the third quarter. Pathstone Holdings LLC now owns 355,713 shares of the financial services provider’s stock worth $4,763,000 after buying an additional 7,302 shares during the period. GSA Capital Partners LLP lifted its stake in shares of Remitly Global by 30.2% during the 3rd quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock worth $3,517,000 after acquiring an additional 60,991 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new position in Remitly Global during the 3rd quarter valued at $1,953,000. Finally, Assetmark Inc. bought a new position in Remitly Global in the 3rd quarter valued at $76,000. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Stock Down 1.3 %

Shares of NASDAQ:RELY opened at $20.56 on Friday. The firm has a 50 day moving average of $16.52 and a 200 day moving average of $14.45. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of -58.74 and a beta of 0.03. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $22.08.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping 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 firm had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same period in the previous year, the company posted ($0.20) EPS. The business’s revenue for the quarter was up 39.3% compared to the same quarter last year. On average, sell-side analysts expect that Remitly Global, Inc. will post -0.23 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RELY shares. JPMorgan Chase & Co. lifted their target price on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. JMP Securities lifted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. KeyCorp boosted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. BMO Capital Markets raised their target price 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. Finally, Barclays boosted their price target on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and an average target price of $22.75.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 2.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $570,492.18. Following the transaction, the chief executive officer now directly owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. The trade was 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. 8.10% of the stock is currently owned by insiders.

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.