Remitly Global, Inc. (NASDAQ:RELY) Shares Acquired by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co increased its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 132.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RELY. Claro Advisors LLC raised its position in shares of Remitly Global by 5.2% in the fourth quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider's stock valued at $287,000 after buying an additional 629 shares during the last quarter. Sei Investments Co. raised its holdings in Remitly Global by 4.8% in the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock valued at $313,000 after acquiring an additional 636 shares during the last quarter. Values First Advisors Inc. lifted its stake in Remitly Global by 4.4% in the 4th 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 in the last quarter. Summit Investment Advisors Inc. grew its position in shares of Remitly Global by 4.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 15,617 shares of the financial services provider's stock valued at $352,000 after purchasing an additional 717 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Remitly Global by 2.1% in the fourth quarter. Arizona State Retirement System now owns 42,453 shares of the financial services provider's stock valued at $958,000 after purchasing an additional 886 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Price Performance

Shares of RELY stock traded up $0.67 during trading on Friday, reaching $20.94. The company's stock had a trading volume of 1,308,890 shares, compared to its average volume of 1,969,204. The company has a market capitalization of $4.27 billion, a price-to-earnings ratio of -110.21 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. The stock's 50-day moving average price is $20.55 and its 200 day moving average price is $21.20.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. On average, sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling 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, insider Joshua Hug sold 10,000 shares of the firm's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $19.23, for a total value of $192,300.00. Following the sale, the insider now directly owns 3,813,811 shares in the company, valued at $73,339,585.53. This trade represents a 0.26 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,166 shares of company stock valued at $1,133,685. Insiders own 8.10% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on RELY shares. The Goldman Sachs Group dropped their target price on Remitly Global from $33.00 to $26.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. BMO Capital Markets raised their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. JMP Securities reiterated a "market outperform" rating and issued a $32.00 target price on shares of Remitly Global in a report on Thursday, April 10th. William Blair restated an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. upped their price objective on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a 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. According to MarketBeat, the company presently has a consensus 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.