Remitly Global, Inc. (NASDAQ:RELY) Holdings Lifted by State Street Corp

State Street Corp increased its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 0.2% in the 3rd quarter, Holdings Channel reports. The fund owned 3,136,399 shares of the financial services provider’s stock after purchasing an additional 6,698 shares during the period. State Street Corp’s holdings in Remitly Global were worth $41,996,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Stifel Financial Corp lifted its position in shares of Remitly Global by 168.4% in the third quarter. Stifel Financial Corp now owns 51,756 shares of the financial services provider’s stock worth $693,000 after purchasing an additional 32,473 shares in the last quarter. Quadrature Capital Ltd boosted its position in Remitly Global by 41.0% during the third quarter. Quadrature Capital Ltd now owns 29,173 shares of the financial services provider’s stock valued at $390,000 after purchasing an additional 8,487 shares during the last quarter. Point72 Asset Management L.P. grew its stake in Remitly Global by 250.9% in the third quarter. Point72 Asset Management L.P. now owns 83,207 shares of the financial services provider’s stock valued at $1,114,000 after purchasing an additional 59,496 shares in the last quarter. Portolan Capital Management LLC increased its position in Remitly Global by 96.3% in the 3rd quarter. Portolan Capital Management LLC now owns 353,054 shares of the financial services provider’s stock worth $4,727,000 after purchasing an additional 173,162 shares during the last quarter. Finally, Holocene Advisors LP purchased a new stake in shares of Remitly Global during the 3rd quarter worth about $1,418,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’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 transaction of $304,201.38. Following the transaction, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This trade represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $80,000.00. Following the completion of the sale, the insider now owns 151,576 shares in the company, 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 quarter, insiders have sold 82,012 shares of company stock worth $1,435,212. Corporate insiders own 8.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on RELY shares. JMP Securities boosted their price target on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. BMO Capital Markets lifted their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, September 18th. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $13.00 to $18.00 in a research report on Thursday, October 31st. Barclays boosted their price target on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Finally, KeyCorp raised their price objective on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and an average price target of $22.75.

Remitly Global Stock Up 4.6 %

RELY opened at $22.61 on Friday. The stock’s 50 day moving average price is $18.91 and its two-hundred day moving average price is $15.24. The firm has a market capitalization of $4.48 billion, a P/E ratio of -64.60 and a beta of 0.10. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $22.70.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.07. The firm had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business’s revenue for the quarter was up 39.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.20) EPS. As a group, analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share 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.