JPMorgan Chase & Co. Has $61.73 Million Stock Position in Remitly Global, Inc. (NASDAQ:RELY)

JPMorgan Chase & Co. decreased its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 24.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,610,014 shares of the financial services provider’s stock after selling 1,513,730 shares during the quarter. JPMorgan Chase & Co.’s holdings in Remitly Global were worth $61,728,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Principal Financial Group Inc. boosted its stake in Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after purchasing an additional 2,001,198 shares during the period. Teachers Retirement System of The State of Kentucky boosted its position in shares of Remitly Global by 18.5% during 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 bought a new position in shares of Remitly Global in the 3rd quarter valued at $628,000. Geode Capital Management LLC grew its position in Remitly Global by 3.2% in 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 acquiring an additional 107,468 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in shares of Remitly Global during the 3rd quarter valued at approximately $693,000. Institutional investors own 74.25% of the company’s stock.

Insider Buying and Selling at Remitly Global

In other news, insider Pankaj Sharma sold 4,000 shares of the business’s stock in a transaction that occurred 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 directly owns 151,576 shares of the company’s stock, valued at approximately $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s stock in a transaction dated 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 approximately $64,595,956.86. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 82,012 shares of company stock worth $1,435,212 over the last three months. Company insiders own 8.10% of the company’s stock.

Remitly Global Price Performance

NASDAQ RELY opened at $22.99 on Friday. The company’s 50 day simple moving average is $20.57 and its two-hundred day simple moving average is $15.92. The stock has a market capitalization of $4.55 billion, a PE ratio of -65.69 and a beta of 0.07. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $23.11.

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, beating the consensus estimate of ($0.06) by $0.07. The firm had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The company’s revenue was up 39.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.20) EPS. On average, research analysts anticipate that Remitly Global, Inc. will post -0.23 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. KeyCorp upped their target price on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Barclays lifted their target price on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $13.00 to $18.00 in a report on Thursday, October 31st. JMP Securities raised 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. Finally, BMO Capital Markets boosted their price objective on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. 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, the stock currently has an average 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.