CANADA LIFE ASSURANCE Co Boosts Position in Remitly Global, Inc. (NASDAQ:RELY)

CANADA LIFE ASSURANCE Co increased its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 132.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 28,138 shares of the financial services provider's stock after buying an additional 16,052 shares during the period. CANADA LIFE ASSURANCE Co's holdings in Remitly Global were worth $633,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC bought a new stake in Remitly Global in the 4th quarter valued at about $1,228,000. DHK Financial Advisors Inc. purchased a new position in shares of Remitly Global in the fourth quarter worth about $273,000. Robeco Institutional Asset Management B.V. raised its position in shares of Remitly Global by 8.8% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider's stock valued at $13,689,000 after purchasing an additional 49,200 shares during the period. Bank of Montreal Can lifted its stake in shares of Remitly Global by 3.6% during the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after buying an additional 1,435 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Remitly Global by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,246,582 shares of the financial services provider's stock worth $28,135,000 after buying an additional 25,616 shares during the period. Institutional investors own 74.25% of the company's stock.

Remitly Global Stock Up 0.6 %

Shares of RELY stock traded up $0.12 during trading on Monday, hitting $21.06. The company had a trading volume of 315,307 shares, compared to its average volume of 1,962,726. The stock's 50-day moving average is $20.55 and its two-hundred day moving average is $21.25. The stock has a market capitalization of $4.29 billion, a price-to-earnings ratio of -110.87 and a beta of 0.15. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued 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 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 analyst estimates of $343.67 million. On average, research analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's 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 completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joshua Hug sold 10,000 shares of the stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $19.71, for a total transaction of $197,100.00. Following the transaction, the insider now directly owns 3,823,811 shares in the company, valued at approximately $75,367,314.81. This represents a 0.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,166 shares of company stock worth $1,133,685 over the last 90 days. Corporate insiders own 8.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RELY. KeyCorp dropped their target price on Remitly Global from $33.00 to $24.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Barclays increased their price objective on Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. JPMorgan Chase & Co. lifted their target price on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Wells Fargo & Company increased their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" 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 assigned a buy rating to the stock. According to data from MarketBeat.com, Remitly Global currently has an average rating of "Moderate Buy" and a consensus target price of $28.50.

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.