First Eagle Investment Management LLC Boosts Stake in Remitly Global, Inc. (NASDAQ:RELY)

First Eagle Investment Management LLC grew its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 41.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 568,366 shares of the financial services provider’s stock after buying an additional 166,400 shares during the quarter. First Eagle Investment Management LLC owned 0.29% of Remitly Global worth $12,828,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Global Retirement Partners LLC purchased a new position in Remitly Global in the 4th quarter worth $28,000. R Squared Ltd purchased a new position in Remitly Global in the 4th quarter worth $89,000. Advisors Asset Management Inc. raised its position in Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 1,466 shares during the period. Assetmark Inc. purchased a new position in Remitly Global in the 3rd quarter worth $76,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Remitly Global in the 4th quarter worth $135,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the 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 sale, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at approximately $109,882,297.59. This represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 8.10% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. BMO Capital Markets boosted their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Barclays boosted their price objective on shares of Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. JPMorgan Chase & Co. boosted their price objective 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 objective on shares of Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Finally, Wells Fargo & Company boosted their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. One research 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 stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.13.

Remitly Global Stock Up 0.7 %

RELY stock opened at $19.90 on Friday. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The company has a fifty day simple moving average of $23.55 and a two-hundred day simple moving average of $19.53. The firm has a market capitalization of $3.99 billion, a P/E ratio of -104.74 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating the consensus estimate 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 business had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. As a group, analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

About Remitly Global

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.