Remitly Global, Inc. (NASDAQ:RELY) Shares Purchased by Centiva Capital LP

Centiva Capital LP boosted its position in Remitly Global, Inc. (NASDAQ:RELY) by 24.2% in the 3rd quarter, Holdings Channel reports. The firm owned 31,465 shares of the financial services provider’s stock after acquiring an additional 6,136 shares during the quarter. Centiva Capital LP’s holdings in Remitly Global were worth $421,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in RELY. The Manufacturers Life Insurance Company increased its stake in shares of Remitly Global by 1.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider’s stock worth $1,159,000 after acquiring an additional 1,170 shares during the last quarter. Simplicity Wealth LLC increased its stake in shares of Remitly Global by 11.7% in the 2nd quarter. Simplicity Wealth LLC now owns 11,756 shares of the financial services provider’s stock worth $142,000 after acquiring an additional 1,228 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Remitly Global by 7.1% in the 2nd quarter. Principal Financial Group Inc. now owns 19,593 shares of the financial services provider’s stock worth $237,000 after acquiring an additional 1,296 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Remitly Global by 3.7% in the 2nd quarter. Arizona State Retirement System now owns 39,579 shares of the financial services provider’s stock worth $480,000 after acquiring an additional 1,415 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position in shares of 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 worth $53,000 after purchasing an additional 1,466 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $21.02 on Tuesday. The business has a 50-day moving average of $17.38 and a 200 day moving average of $14.74. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $22.08. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of -60.06 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 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. During the same period in the previous year, the company posted ($0.20) earnings per share. The business’s revenue for the quarter was up 39.3% on a year-over-year basis. Equities research analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, 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 0.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Joshua Hug sold 22,198 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value 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 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 corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wells Fargo & Company raised 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 research report on Thursday, October 31st. Barclays raised their price objective on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. JMP Securities raised their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. KeyCorp raised their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. raised their price objective on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Remitly Global currently has an average rating of “Moderate Buy” and an average price target 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.