Renaissance Group LLC Takes Position in Remitly Global, Inc. (NASDAQ:RELY)

Renaissance Group LLC purchased a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 205,214 shares of the financial services provider’s stock, valued at approximately $4,632,000. Renaissance Group LLC owned 0.10% of Remitly Global as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in Remitly Global during the fourth quarter worth approximately $1,228,000. M&T Bank Corp purchased a new position in Remitly Global during the third quarter valued at $693,000. DHK Financial Advisors Inc. acquired a new stake in shares of Remitly Global in the fourth quarter valued at about $273,000. Robeco Institutional Asset Management B.V. boosted its holdings in Remitly Global by 8.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock worth $13,689,000 after buying an additional 49,200 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Remitly Global during the third quarter valued at approximately $628,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

RELY stock opened at $18.81 on Tuesday. The business’s 50-day moving average is $22.70 and its two-hundred day moving average is $20.35. The firm has a market capitalization of $3.77 billion, a P/E ratio of -99.00 and a beta of 0.15. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share 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 firm had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. On average, 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 company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.01, for a total transaction of $95,050.00. Following the completion of the transaction, the insider now directly owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. This represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 48,749 shares of company stock valued at $1,081,736. Insiders own 8.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on RELY shares. Wells Fargo & Company increased their price objective on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. The Goldman Sachs Group cut their price target on shares of Remitly Global from $33.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Barclays upped their price objective on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, February 24th. JPMorgan Chase & Co. increased their price target on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Finally, William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.25.

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.