Cibc World Markets Corp Acquires Shares of 13,970 Remitly Global, Inc. (NASDAQ:RELY)

Cibc World Markets Corp bought a new position in Remitly Global, Inc. (NASDAQ:RELY) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 13,970 shares of the financial services provider’s stock, valued at approximately $315,000.

Several other hedge funds have also bought and sold shares of RELY. Baillie Gifford & Co. grew its position in Remitly Global by 1.6% during the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock valued at $211,827,000 after buying an additional 150,602 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of 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 acquiring an additional 169,454 shares during the period. ArrowMark Colorado Holdings LLC increased its stake in shares of Remitly Global by 13.8% in 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 in the last quarter. Geode Capital Management LLC raised its holdings in Remitly Global by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock worth $46,601,000 after purchasing an additional 107,468 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after purchasing an additional 2,001,198 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

NASDAQ RELY opened at $20.96 on Tuesday. The company has a market cap of $4.20 billion, a P/E ratio of -110.32 and a beta of 0.07. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32. The stock has a 50-day moving average of $23.22 and a two-hundred day moving average of $19.90.

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

Insider Activity at Remitly Global

In related news, insider Ankur Sinha sold 5,000 shares of the stock in a transaction 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 transaction, the insider now directly owns 397,805 shares of the company’s stock, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the sale, the chief executive officer now directly owns 4,387,845 shares of the company’s stock, valued at approximately $101,534,733.30. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 48,749 shares of company stock valued at $1,081,736 over the last 90 days. 8.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. The Goldman Sachs Group boosted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. BMO Capital Markets lifted their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Barclays lifted their price target on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Finally, Wells Fargo & Company increased their price objective on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target 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.