Principal Financial Group Inc. Has $27.06 Million Position in Remitly Global, Inc. (NASDAQ:RELY)

Principal Financial Group Inc. lifted its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 10,213.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,020,791 shares of the financial services provider’s stock after buying an additional 2,001,198 shares during the period. Principal Financial Group Inc. owned about 1.02% of Remitly Global worth $27,058,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Teachers Retirement System of The State of Kentucky lifted its stake in Remitly Global by 18.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 59,643 shares of the financial services provider’s stock worth $799,000 after acquiring an additional 9,323 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Remitly Global in the third quarter worth approximately $628,000. Geode Capital Management LLC grew its position in Remitly Global by 3.2% during the third quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock valued at $46,601,000 after purchasing an additional 107,468 shares in the last quarter. M&T Bank Corp acquired a new position in Remitly Global in the 3rd quarter valued at approximately $693,000. Finally, Barclays PLC lifted its position in Remitly Global by 19.2% in the 3rd quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock worth $18,858,000 after buying an additional 227,231 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Performance

RELY opened at $22.64 on Wednesday. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $22.93. The business has a 50 day moving average price of $19.09 and a 200 day moving average price of $15.33. The firm has a market cap of $4.48 billion, a P/E ratio of -64.69 and a beta of 0.10.

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

Insider Transactions at Remitly Global

In other news, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction 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 sale, the insider now owns 151,576 shares in the company, valued at approximately $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 SEC, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction 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 owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 82,012 shares of company stock worth $1,435,212. Company insiders own 8.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Barclays boosted their price target on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. JMP Securities boosted their target price 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 raised their price target on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $13.00 to $18.00 in a report on Thursday, October 31st. Finally, KeyCorp increased their price objective on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” 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’s stock. According to data from MarketBeat, Remitly Global has a consensus rating of “Moderate Buy” and an average target price 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.