Bank of America Corp DE Purchases 162,118 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Bank of America Corp DE raised its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 66.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 407,253 shares of the financial services provider's stock after buying an additional 162,118 shares during the quarter. Bank of America Corp DE owned about 0.21% of Remitly Global worth $9,192,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RELY. Global Retirement Partners LLC bought a new position in shares of Remitly Global in the 4th quarter worth $28,000. R Squared Ltd purchased a new position in shares of Remitly Global in the 4th quarter worth about $89,000. Wilmington Savings Fund Society FSB bought a new position in shares of Remitly Global during the 4th quarter valued at about $135,000. KBC Group NV increased its position in shares of Remitly Global by 49.7% during the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock valued at $138,000 after purchasing an additional 2,033 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Remitly Global during the 4th quarter valued at about $155,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Stock Down 0.6%

Shares of NASDAQ:RELY traded down $0.14 during midday trading on Tuesday, hitting $22.19. 2,939,553 shares of the stock traded hands, compared to its average volume of 2,037,963. The business's 50 day moving average is $20.99 and its two-hundred day moving average is $21.93. The stock has a market capitalization of $4.52 billion, a PE ratio of -116.79 and a beta of 0.16. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32.

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

Insider Activity at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the transaction, the insider now directly owns 397,805 shares of the company's stock, valued at approximately $7,562,273.05. The trade was a 1.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $22.44, for a total transaction of $327,242.52. Following the completion of the transaction, the chief executive officer now owns 4,271,181 shares of the company's stock, valued at $95,845,301.64. This trade represents a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,014,884 shares of company stock worth $274,801,834 over the last quarter. 7.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. JMP Securities reaffirmed a "market outperform" rating and issued a $32.00 target price on shares of Remitly Global in a research note on Thursday, April 10th. Wells Fargo & Company upped their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. BMO Capital Markets lifted their target price 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. The Goldman Sachs Group upped their price target on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, William Blair reaffirmed an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. One investment 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 stock has an average rating of "Moderate Buy" and a consensus target price of $28.88.

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.