Arizona State Retirement System Raises Stock Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Arizona State Retirement System raised its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 2.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,453 shares of the financial services provider’s stock after acquiring an additional 886 shares during the period. Arizona State Retirement System’s holdings in Remitly Global were worth $958,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Global Retirement Partners LLC bought a new position in shares of Remitly Global during the 4th quarter valued at approximately $28,000. R Squared Ltd bought a new position in shares of Remitly Global during the 4th quarter valued at approximately $89,000. 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 valued at $53,000 after purchasing an additional 1,466 shares during the last quarter. Assetmark Inc. bought a new position in shares of Remitly Global during the 3rd quarter valued at approximately $76,000. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Remitly Global during the 4th quarter valued at approximately $135,000. Institutional investors own 74.25% of the company’s stock.

Insider Activity

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the sale, the chief executive officer now owns 4,387,845 shares of the company’s stock, valued at $101,534,733.30. 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 is available through this link. Insiders own 8.10% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on RELY. BMO Capital Markets boosted their target price on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. upped their price objective on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. The Goldman Sachs Group increased their target price on Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Finally, Barclays increased their target price on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $28.13.

Remitly Global Trading Up 0.1 %

Shares of Remitly Global stock opened at $19.77 on Friday. The firm has a market cap of $3.97 billion, a P/E ratio of -104.05 and a beta of 0.07. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $27.32. The stock’s fifty day moving average price is $23.61 and its 200-day moving average price is $19.49.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.04. The firm had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. Analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

About Remitly Global

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.