Remitly Global, Inc. (NASDAQ:RELY) Stake Increased by Green Alpha Advisors LLC

Green Alpha Advisors LLC increased its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 74.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 18,730 shares of the financial services provider’s stock after purchasing an additional 7,991 shares during the quarter. Green Alpha Advisors LLC’s holdings in Remitly Global were worth $423,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of RELY. XTX Topco Ltd boosted its position in Remitly Global by 4.0% during the 3rd quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock worth $194,000 after acquiring an additional 563 shares during the period. The Manufacturers Life Insurance Company increased its stake in Remitly Global by 1.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider’s stock valued at $1,159,000 after buying an additional 1,170 shares during the period. Principal Financial Group Inc. lifted its position in Remitly Global by 7.1% in the 2nd quarter. Principal Financial Group Inc. now owns 19,593 shares of the financial services provider’s stock worth $237,000 after buying an additional 1,296 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Remitly Global by 3.7% during the 2nd quarter. Arizona State Retirement System now owns 39,579 shares of the financial services provider’s stock valued at $480,000 after buying an additional 1,415 shares during the period. Finally, Advisors Asset Management Inc. boosted its stake in shares of Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after buying an additional 1,466 shares during the period. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Stock Down 2.8 %

Shares of Remitly Global stock opened at $22.49 on Monday. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $23.51. The stock has a 50 day moving average price of $21.25 and a two-hundred day moving average price of $16.37. The stock has a market capitalization of $4.45 billion, a P/E ratio of -64.26 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The business had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. Remitly Global’s revenue was up 39.3% compared to the same quarter last year. During the same period last year, the business posted ($0.20) EPS. Sell-side analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RELY. BMO Capital Markets increased their price objective on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. KeyCorp raised their price target on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Barclays boosted their price target on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. Finally, JMP Securities boosted their target price on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.75.

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction of $570,492.18. Following the transaction, the chief executive officer now owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. The trade was a 0.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Joshua Hug sold 22,198 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 82,012 shares of company stock valued at $1,435,212. 8.10% of the stock is owned by insiders.

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.