Ameriprise Financial Inc. Purchases 41,346 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Ameriprise Financial Inc. raised its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 24.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 210,198 shares of the financial services provider's stock after buying an additional 41,346 shares during the period. Ameriprise Financial Inc. owned about 0.11% of Remitly Global worth $4,744,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Algert Global LLC boosted its holdings in shares of Remitly Global by 53.4% in the 4th quarter. Algert Global LLC now owns 85,002 shares of the financial services provider's stock valued at $1,918,000 after buying an additional 29,603 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its stake in shares of Remitly Global by 34.4% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock worth $107,751,000 after purchasing an additional 1,220,806 shares during the period. Comerica Bank lifted its position in shares of Remitly Global by 2.1% during the 4th quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock valued at $577,000 after acquiring an additional 534 shares during the period. Voleon Capital Management LP acquired a new stake in Remitly Global in the fourth quarter valued at $1,807,000. Finally, PDT Partners LLC purchased a new stake in shares of Remitly Global in the fourth quarter valued at about $2,049,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. JMP Securities reissued a "market outperform" rating and issued a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. JPMorgan Chase & Co. raised their target price on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Monness Crespi & Hardt lifted their price target on Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. BMO Capital Markets raised their price target 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. Finally, Barclays increased their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $28.88.

Remitly Global Stock Performance

RELY traded down $0.14 during midday trading on Tuesday, hitting $22.19. The company had a trading volume of 2,939,553 shares, compared to its average volume of 2,037,963. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.32. The firm's 50-day simple moving average is $20.99 and its 200-day simple moving average is $21.93. The company has a market capitalization of $4.52 billion, a PE ratio of -116.79 and a beta of 0.16.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.09. The company had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The firm's revenue was up 34.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.11) EPS. As a group, sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In other news, insider Ankur Sinha sold 5,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the transaction, the insider now directly owns 397,805 shares in the company, valued at approximately $7,562,273.05. This represents a 1.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Ltd Naspers sold 11,900,000 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $22.89, for a total value of $272,391,000.00. Following the completion of the sale, the insider now directly owns 25,441,745 shares of the company's stock, valued at approximately $582,361,543.05. The trade was a 31.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,014,884 shares of company stock worth $274,801,834 in the last ninety days. Insiders own 7.50% of the company's stock.

About Remitly Global

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.