Corebridge Financial Inc. Has $1.68 Million Position in Remitly Global, Inc. (NASDAQ:RELY)

Corebridge Financial Inc. trimmed its position in Remitly Global, Inc. (NASDAQ:RELY) by 5.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 74,220 shares of the financial services provider’s stock after selling 4,424 shares during the period. Corebridge Financial Inc.’s holdings in Remitly Global were worth $1,675,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in RELY. Principal Financial Group Inc. raised its position in shares of Remitly Global by 10,213.8% in the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after buying an additional 2,001,198 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Remitly Global by 110.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,060,634 shares of the financial services provider’s stock valued at $23,939,000 after acquiring an additional 557,168 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Remitly Global by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider’s stock valued at $330,674,000 after acquiring an additional 380,159 shares during the period. Lisanti Capital Growth LLC acquired a new stake in shares of Remitly Global during the 4th quarter worth $6,324,000. Finally, Barclays PLC increased its position in shares of Remitly Global by 19.2% in the third quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock worth $18,858,000 after purchasing an additional 227,231 shares during the period. Institutional investors own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Barclays increased their price objective 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. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. Wells Fargo & Company upped their target price on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. The Goldman Sachs Group decreased their price target on Remitly Global from $33.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, BMO Capital Markets upped their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.25.

Insider Activity at Remitly Global

In other news, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction dated Monday, March 17th. The stock was 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 directly owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total value of $337,450.62. Following the sale, the chief executive officer now owns 4,387,845 shares in the company, valued at approximately $101,534,733.30. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,749 shares of company stock worth $1,081,736 over the last ninety days. Insiders own 8.10% of the company’s stock.

Remitly Global Stock Performance

Shares of NASDAQ:RELY opened at $21.38 on Thursday. The firm has a market cap of $4.29 billion, a PE ratio of -112.53 and a beta of 0.07. The firm’s fifty day moving average is $22.95 and its 200-day moving average is $20.21. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32.

Remitly Global (NASDAQ:RELY) last announced its 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 firm had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. Sell-side analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

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.