Connor Clark & Lunn Investment Management Ltd. Acquires 557,168 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 110.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,060,634 shares of the financial services provider’s stock after acquiring an additional 557,168 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.54% of Remitly Global worth $23,939,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. XTX Topco Ltd increased its position in shares of Remitly Global by 4.0% during the third quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock valued at $194,000 after acquiring an additional 563 shares in the last quarter. Claro Advisors LLC increased its position in shares of Remitly Global by 5.2% during the fourth quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock valued at $287,000 after acquiring an additional 629 shares in the last quarter. Values First Advisors Inc. increased its position in shares of Remitly Global by 4.4% during the fourth quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 653 shares in the last quarter. Arizona State Retirement System increased its position in shares of Remitly Global by 2.1% during the fourth quarter. Arizona State Retirement System now owns 42,453 shares of the financial services provider’s stock valued at $958,000 after acquiring an additional 886 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Remitly Global by 1.4% in the third quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider’s stock worth $1,159,000 after purchasing an additional 1,170 shares during the last quarter. Institutional investors own 74.25% of the company’s stock.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the sale, the chief executive officer now directly owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. The trade was a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 8.10% of the stock is currently owned by insiders.

Remitly Global Price Performance

Shares of RELY stock opened at $19.77 on Friday. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of -104.05 and a beta of 0.07. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32. The company’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 data 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 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%. Equities research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RELY has been the topic of several research reports. BMO Capital Markets raised their target price 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. Wells Fargo & Company raised their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. William Blair restated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. JPMorgan Chase & Co. raised their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Finally, The Goldman Sachs Group lifted their price target 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. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock 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.