D. E. Shaw & Co. Inc. Takes Position in Remitly Global, Inc. (NASDAQ:RELY)

D. E. Shaw & Co. Inc. acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 25,691 shares of the financial services provider's stock, valued at approximately $580,000.

A number of other large investors have also bought and sold shares of RELY. Global Retirement Partners LLC acquired a new stake in shares of Remitly Global in the 4th quarter valued at about $28,000. R Squared Ltd acquired a new stake in Remitly Global in the 4th quarter valued at approximately $89,000. Wilmington Savings Fund Society FSB bought a new stake in Remitly Global in the 4th quarter valued at approximately $135,000. KBC Group NV lifted its stake in Remitly Global by 49.7% in the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock valued at $138,000 after acquiring an additional 2,033 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Remitly Global during the 4th quarter worth approximately $155,000. 74.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

RELY has been the topic of a number of research reports. JMP Securities reissued a "market outperform" rating and issued a $32.00 price objective on shares of Remitly Global in a research report on Thursday, April 10th. Barclays lifted their target price on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. Wells Fargo & Company raised their price target on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. KeyCorp upped their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Remitly Global currently has an average rating of "Moderate Buy" and a consensus target price of $28.88.

Remitly Global Price Performance

RELY traded down $0.19 during trading on Friday, hitting $20.84. The stock had a trading volume of 207,976 shares, compared to its average volume of 2,039,856. The company has a 50 day moving average price of $21.05 and a 200-day moving average price of $21.94. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32. The firm has a market cap of $4.25 billion, a price-to-earnings ratio of -109.97 and a beta of 0.16.

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, topping analysts' consensus estimates of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. During the same period last year, the firm earned ($0.11) earnings per share. Remitly Global's revenue for the quarter was up 34.3% compared to the same quarter last year. As a group, sell-side analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the business'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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $22.44, for a total transaction of $327,242.52. Following the completion of the sale, the chief executive officer now owns 4,271,181 shares in the company, valued at approximately $95,845,301.64. The trade was a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,015,854 shares of company stock valued at $274,823,494. 7.50% of the stock is owned by corporate insiders.

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.