Algert Global LLC Acquires 29,603 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Algert Global LLC increased its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 53.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 85,002 shares of the financial services provider’s stock after acquiring an additional 29,603 shares during the quarter. Algert Global LLC’s holdings in Remitly Global were worth $1,918,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of RELY. Global Retirement Partners LLC bought a new stake in Remitly Global in the 4th quarter worth approximately $28,000. R Squared Ltd purchased a new stake in Remitly Global during the fourth quarter valued at approximately $89,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Remitly Global in the 4th quarter valued at approximately $135,000. KBC Group NV boosted its holdings in shares of Remitly Global by 49.7% in the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock worth $138,000 after purchasing an additional 2,033 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Remitly Global during the 4th quarter valued at approximately $155,000. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Stock Up 14.6 %

Shares of NASDAQ:RELY opened at $24.17 on Friday. The firm has a 50 day moving average of $20.39 and a 200 day moving average of $21.29. The company has a market capitalization of $4.93 billion, a price-to-earnings ratio of -127.18 and a beta of 0.16. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. During the same quarter in the previous year, the firm earned ($0.11) earnings per share. The firm’s quarterly revenue was up 34.3% compared to the same quarter last year. On average, sell-side analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Transactions at Remitly Global

In other news, insider Ankur Sinha sold 5,000 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the sale, the insider now directly owns 397,805 shares of the company’s stock, valued at $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joshua Hug sold 37,718 shares of Remitly Global stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $21.05, for a total value of $793,963.90. Following the sale, the insider now directly owns 3,776,093 shares of the company’s stock, valued at approximately $79,486,757.65. This represents a 0.99 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 77,301 shares of company stock worth $1,560,012. Insiders own 8.10% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on RELY shares. Wells Fargo & Company lifted their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. increased their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. JMP Securities restated a “market outperform” rating and set a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. Finally, The Goldman Sachs Group upped their price objective on Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $29.13.

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.