R Squared Ltd Acquires Shares of 3,950 Remitly Global, Inc. (NASDAQ:RELY)

R Squared Ltd acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 3,950 shares of the financial services provider’s stock, valued at approximately $89,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in RELY. Principal Financial Group Inc. raised its stake in Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after acquiring an additional 2,001,198 shares during the period. M&T Bank Corp bought a new position in shares of Remitly Global in the third quarter valued at about $693,000. Neo Ivy Capital Management acquired a new stake in shares of Remitly Global during the 3rd quarter worth about $628,000. DHK Financial Advisors Inc. acquired a new stake in shares of Remitly Global during the 4th quarter worth about $273,000. Finally, GSA Capital Partners LLP boosted its holdings in shares of Remitly Global by 30.2% during the 3rd quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock worth $3,517,000 after buying an additional 60,991 shares during the period. 74.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the sale, the insider now owns 151,576 shares in the company, valued at approximately $3,031,520. This trade represents a 2.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the transaction, the chief executive officer now owns 4,387,845 shares of the company’s stock, valued at approximately $101,534,733.30. This represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,476 shares of company stock worth $1,202,171 over the last ninety days. Corporate insiders own 8.10% of the company’s stock.

Remitly Global Price Performance

Remitly Global stock opened at $23.73 on Friday. The firm has a market cap of $4.70 billion, a PE ratio of -67.80 and a beta of 0.07. The stock’s fifty day moving average price is $22.20 and its two-hundred day moving average price is $17.35. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $24.09.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on RELY shares. KeyCorp increased their price target on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. JMP Securities increased their target price on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Wells Fargo & Company lifted their price target on Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Finally, Barclays increased their price objective on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. One investment 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 an average rating of “Moderate Buy” and a consensus target price of $23.13.

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.