Charles Schwab Investment Management Inc. Has $28.14 Million Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Charles Schwab Investment Management Inc. raised its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 2.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,246,582 shares of the financial services provider’s stock after purchasing an additional 25,616 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Remitly Global were worth $28,135,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Baillie Gifford & Co. increased its position in Remitly Global by 1.6% during the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock valued at $211,827,000 after purchasing an additional 150,602 shares during the period. Massachusetts Financial Services Co. MA increased its position in Remitly Global by 4.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock valued at $48,980,000 after purchasing an additional 169,454 shares during the period. ArrowMark Colorado Holdings LLC increased its position in Remitly Global by 13.8% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock valued at $47,578,000 after purchasing an additional 431,987 shares during the period. Geode Capital Management LLC increased its position in Remitly Global by 3.2% during the 3rd 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 during the period. Finally, Principal Financial Group Inc. increased its position in Remitly Global by 10,213.8% during 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. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Down 1.9 %

Shares of RELY opened at $19.52 on Tuesday. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $27.32. The business’s fifty day moving average is $23.48 and its 200 day moving average is $19.66. The stock has a market cap of $3.92 billion, a P/E ratio of -102.74 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. On average, analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Buying and Selling

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the transaction, the chief executive officer now directly owns 4,387,845 shares in the company, valued at approximately $101,534,733.30. This trade represents a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Wells Fargo & Company raised their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Barclays raised their price objective on shares of Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. BMO Capital Markets raised their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Finally, William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Remitly Global presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.13.

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.