Hillsdale Investment Management Inc. Makes New $4.57 Million Investment in Remitly Global, Inc. (NASDAQ:RELY)

Hillsdale Investment Management Inc. acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 202,550 shares of the financial services provider’s stock, valued at approximately $4,572,000.

A number of other hedge funds have also made changes to their positions in the stock. Sei Investments Co. increased its holdings in shares of Remitly Global by 4.8% during the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock valued at $313,000 after acquiring an additional 636 shares during the last quarter. Blueshift Asset Management LLC acquired a new position in shares of Remitly Global during the 4th quarter valued at about $450,000. Xponance Inc. acquired a new position in shares of Remitly Global during the 4th quarter valued at about $245,000. Cibc World Markets Corp acquired a new position in shares of Remitly Global during the 4th quarter valued at about $315,000. Finally, First Eagle Investment Management LLC increased its holdings in shares of Remitly Global by 41.4% during the 4th quarter. First Eagle Investment Management LLC now owns 568,366 shares of the financial services provider’s stock valued at $12,828,000 after acquiring an additional 166,400 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Trading Down 1.2 %

Shares of RELY stock opened at $20.33 on Friday. The stock has a 50 day moving average of $23.25 and a two-hundred day moving average of $19.76. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $27.32. The company has a market capitalization of $4.08 billion, a P/E ratio of -107.00 and a beta of 0.07.

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, 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 during the quarter, compared to the consensus estimate of $343.67 million. Sell-side analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on RELY shares. The Goldman Sachs Group increased their price objective on Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. Wells Fargo & Company raised their target price on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. raised their target price on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, Barclays raised their target price on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, February 24th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $28.13.

Insiders Place Their Bets

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.31, for a total value of $281,597.73. Following the completion of the sale, the chief executive officer now owns 4,329,513 shares in the company, valued at approximately $83,602,896.03. This trade represents a 0.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 397,805 shares of the company’s stock, valued at $7,562,273.05. This represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,749 shares of company stock worth $1,081,736. 8.10% of the stock is currently owned by company insiders.

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.