Private Client Services LLC purchased a new stake in Remitly Global, Inc. (NASDAQ:RELY – Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 35,895 shares of the financial services provider’s stock, valued at approximately $766,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Remitly Global in the second quarter valued at approximately $410,752,000. Bank of America Corp DE raised its position in Remitly Global by 471.7% in the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after buying an additional 4,252,294 shares during the last quarter. Generation Investment Management LLP bought a new position in Remitly Global during the 2nd quarter valued at $109,637,000. Dimensional Fund Advisors LP boosted its holdings in Remitly Global by 12.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,136,288 shares of the financial services provider’s stock worth $49,142,000 after acquiring an additional 350,595 shares during the last quarter. Finally, Azora Capital LP grew its stake in shares of Remitly Global by 50.4% in the 4th quarter. Azora Capital LP now owns 2,879,568 shares of the financial services provider’s stock worth $39,738,000 after acquiring an additional 964,656 shares in the last quarter. 74.25% of the stock is owned by institutional investors.
Remitly Global Trading Up 3.3%
Shares of NASDAQ:RELY traded up $0.71 during midday trading on Friday, reaching $22.20. The company had a trading volume of 976,408 shares, compared to its average volume of 3,967,030. The stock has a market cap of $4.70 billion, a P/E ratio of 15.98 and a beta of 0.39. The company’s 50 day moving average price is $23.92 and its 200 day moving average price is $21.63. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.48.
Analysts Set New Price Targets
A number of research analysts recently weighed in on the stock. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. The Goldman Sachs Group upped their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. KeyCorp lifted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Citizens Jmp boosted their target price on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Finally, Cantor Fitzgerald upped their target price on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Remitly Global currently has an average rating of “Buy” and a consensus price target of $27.78.
Check Out Our Latest Research Report on RELY
Insider Activity at Remitly Global
In other news, Director Phillip Riese sold 69,818 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $23.54, for a total transaction of $1,643,515.72. Following the completion of the sale, the director owned 261,094 shares in the company, valued at $6,146,152.76. This trade represents a 21.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Pankaj Sharma sold 21,000 shares of Remitly Global stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $26.39, for a total transaction of $554,190.00. Following the completion of the sale, the insider directly owned 716,022 shares in the company, valued at $18,895,820.58. This trade represents a 2.85% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 473,238 shares of company stock worth $11,746,510 over the last 90 days. Corporate insiders own 6.53% of the company’s stock.
Remitly Global Company Profile
Remitly Global, Inc is a digital financial services company that provides international money transfer services through its mobile application and website. The company enables customers to send funds across borders, with recipients able to receive money through bank deposits, mobile wallets, cash pickup locations and, in select markets, home delivery.
Remitly’s platform is designed to offer a convenient alternative to traditional remittance services, with features such as transfer tracking, multiple delivery options and customer support.
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