Versor Investments LP Takes Position in Remitly Global, Inc. (NASDAQ:RELY)

Versor Investments LP purchased a new position in Remitly Global, Inc. (NASDAQ:RELY) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,300 shares of the financial services provider’s stock, valued at approximately $594,000.

A number of other large investors also recently modified their holdings of the company. XTX Topco Ltd lifted its stake in Remitly Global by 4.0% in the 3rd quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock worth $194,000 after purchasing an additional 563 shares in the last quarter. Claro Advisors LLC grew its position in shares of Remitly Global by 5.2% during the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 629 shares in the last quarter. Values First Advisors Inc. increased its holdings in shares of Remitly Global by 4.4% in the fourth quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 653 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Remitly Global by 1.4% in the third quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider’s stock worth $1,159,000 after buying an additional 1,170 shares in the last quarter. Finally, Global Retirement Partners LLC bought a new stake in Remitly Global during the fourth quarter valued at $28,000. 74.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on RELY. Barclays upped their target price on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Wells Fargo & Company upped 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 report on Thursday, February 20th. JPMorgan Chase & Co. lifted their target price on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. The Goldman Sachs Group boosted their price target on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Finally, William Blair restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.13.

Remitly Global Stock Performance

RELY stock opened at $24.00 on Friday. The company has a market capitalization of $4.81 billion, a PE ratio of -126.32 and a beta of 0.07. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32. The company’s 50 day moving average price is $23.86 and its two-hundred day moving average price is $19.04.

Remitly Global (NASDAQ:RELY) last issued its earnings results 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 net margin of 2.93% and a negative return on equity of 6.10%. The company had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. On average, research analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Activity

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the transaction, the chief executive officer now directly owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. The trade was a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders sold 43,749 shares of company stock valued at $1,009,289. Insiders own 8.10% of the company’s stock.

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.