Jackson Creek Investment Advisors LLC Takes Position in Remitly Global, Inc. (NASDAQ:RELY)

Jackson Creek Investment Advisors LLC purchased a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 62,772 shares of the financial services provider's stock, valued at approximately $1,306,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Xponance Inc. boosted its holdings in shares of Remitly Global by 4.8% in the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock worth $237,000 after buying an additional 518 shares during the last quarter. Comerica Bank lifted its holdings in Remitly Global by 2.1% during the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock valued at $577,000 after purchasing an additional 534 shares during the last quarter. Sei Investments Co. lifted its holdings in Remitly Global by 4.8% during the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock valued at $313,000 after purchasing an additional 636 shares during the last quarter. Summit Investment Advisors Inc. lifted its holdings in Remitly Global by 4.8% during 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 during the last quarter. Finally, Bank of Montreal Can lifted its holdings in Remitly Global by 3.6% during the fourth quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after purchasing an additional 1,435 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Price Performance

Shares of RELY traded up $0.11 during midday trading on Monday, hitting $17.13. 627,139 shares of the company traded hands, compared to its average volume of 2,223,770. The firm has a market cap of $3.49 billion, a P/E ratio of -571.73 and a beta of 0.13. Remitly Global, Inc. has a one year low of $12.43 and a one year high of $27.32. The stock has a 50-day moving average of $20.25 and a 200-day moving average of $21.46.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.09. Remitly Global had a negative return on equity of 0.70% and a negative net margin of 0.34%. The firm had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. The business's quarterly revenue was up 34.3% compared to the same quarter last year. Sell-side analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Analysts Set New Price Targets

RELY has been the topic of several recent research reports. KeyCorp upped their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. The Goldman Sachs Group upped their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Monness Crespi & Hardt upped their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Barclays upped their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a report on Thursday, April 10th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $28.88.

Insider Buying and Selling

In other Remitly Global news, Director Joshua Hug sold 20,000 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $21.07, for a total transaction of $421,400.00. Following the completion of the transaction, the director owned 3,713,811 shares of the company's stock, valued at approximately $78,249,997.77. This trade represents a 0.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Bora Chung sold 13,000 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $22.76, for a total value of $295,880.00. Following the transaction, the director directly owned 103,171 shares of the company's stock, valued at $2,348,171.96. This represents a 11.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,079,551 shares of company stock valued at $276,183,987 over the last three months. Insiders own 8.10% of the company's stock.

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.