Dauntless Investment Group LLC Buys Shares of 25,159 Remitly Global, Inc. (NASDAQ:RELY)

Dauntless Investment Group LLC purchased a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 25,159 shares of the financial services provider's stock, valued at approximately $568,000. Remitly Global makes up approximately 0.6% of Dauntless Investment Group LLC's holdings, making the stock its 18th biggest holding.

Several other large investors have also recently bought and sold shares of RELY. Norges Bank purchased a new position in Remitly Global during the fourth quarter valued at approximately $66,169,000. Principal Financial Group Inc. raised its holdings in Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock valued at $27,058,000 after buying an additional 2,001,198 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Remitly Global by 1,032.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider's stock valued at $31,614,000 after purchasing an additional 1,276,991 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of Remitly Global by 146.4% during the 4th quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider's stock worth $35,456,000 after buying an additional 933,253 shares during the period. Finally, Lead Edge Capital Management LLC grew its position in shares of Remitly Global by 68.0% in the fourth quarter. Lead Edge Capital Management LLC now owns 1,794,100 shares of the financial services provider's stock valued at $40,493,000 after purchasing an additional 726,000 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RELY has been the subject of several research reports. JMP Securities reiterated a "market outperform" rating and issued a $32.00 target price on shares of Remitly Global in a research note on Thursday, April 10th. BMO Capital Markets raised their target price on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. KeyCorp lowered their price target on shares of Remitly Global from $33.00 to $24.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. William Blair reaffirmed an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. Finally, Barclays raised their price target on shares of Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $28.50.

Insider Buying and Selling

In other news, insider Ankur Sinha sold 5,000 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now owns 397,805 shares of the company's stock, valued at approximately $7,562,273.05. This trade represents a 1.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the sale, the chief executive officer now directly owns 4,358,679 shares of the company's stock, valued at approximately $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. Insiders have sold a total of 54,166 shares of company stock worth $1,133,685 in the last 90 days. Corporate insiders own 8.10% of the company's stock.

Remitly Global Stock Up 2.4 %

NASDAQ:RELY traded up $0.49 on Tuesday, reaching $20.50. The stock had a trading volume of 725,286 shares, compared to its average volume of 1,989,680. The company has a market capitalization of $4.11 billion, a P/E ratio of -107.81 and a beta of 0.15. The stock has a fifty day moving average price of $21.00 and a 200-day moving average price of $21.02. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly 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 return on equity of 6.10% and a negative net margin of 2.93%. The business had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Sell-side analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

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.