PNC Financial Services Group Inc. Boosts Holdings in Remitly Global, Inc. (NASDAQ:RELY)

PNC Financial Services Group Inc. boosted its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 65.9% in the fourth quarter, HoldingsChannel reports. The fund owned 13,318 shares of the financial services provider’s stock after purchasing an additional 5,290 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Remitly Global were worth $301,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Global Retirement Partners LLC acquired a new position in Remitly Global during the 4th quarter valued at approximately $28,000. R Squared Ltd acquired a new stake in shares of Remitly Global in the fourth quarter worth $89,000. Advisors Asset Management Inc. increased its stake in shares of Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 1,466 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Remitly Global in the fourth quarter worth $135,000. Finally, KBC Group NV increased its stake in shares of Remitly Global by 49.7% in the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 2,033 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insider Activity at Remitly Global

In related news, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the transaction, the insider now owns 397,805 shares in the company, valued at $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the transaction, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,749 shares of company stock worth $1,081,736. Corporate insiders own 8.10% of the company’s stock.

Remitly Global Price Performance

Shares of RELY opened at $20.33 on Friday. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32. The stock has a market cap of $4.08 billion, a PE ratio of -107.00 and a beta of 0.07. The firm has a 50-day simple moving average of $23.25 and a two-hundred day simple moving average of $19.76.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. The firm had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. As a group, sell-side analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. BMO Capital Markets increased their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Barclays raised their price target on shares of Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. 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. The Goldman Sachs Group raised their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Finally, 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. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.13.

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.