Remitly Global, Inc. (NASDAQ:RELY) Shares Purchased by Edgestream Partners L.P.

Edgestream Partners L.P. raised its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 166.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,417 shares of the financial services provider's stock after purchasing an additional 52,783 shares during the quarter. Edgestream Partners L.P.'s holdings in Remitly Global were worth $1,756,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC acquired a new position in Remitly Global during the first quarter worth $46,000. KBC Group NV lifted its stake in Remitly Global by 29.8% in the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock valued at $165,000 after buying an additional 1,823 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in Remitly Global in the 4th quarter valued at approximately $211,000. Xponance Inc. lifted its stake in Remitly Global by 4.8% in the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock valued at $237,000 after buying an additional 518 shares in the last quarter. Finally, Clarius Group LLC purchased a new stake in Remitly Global in the 1st quarter valued at approximately $239,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Price Performance

NASDAQ RELY traded down $0.17 during trading hours on Friday, hitting $17.01. The company had a trading volume of 3,441,068 shares, compared to its average volume of 2,229,932. Remitly Global, Inc. has a fifty-two week low of $12.43 and a fifty-two week high of $27.32. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of -567.00 and a beta of 0.13. The firm's 50 day moving average is $20.25 and its 200 day moving average is $21.47.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted 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. The company had revenue of $361.62 million during the quarter, compared to analysts' expectations of $347.81 million. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. The firm's revenue for the quarter was up 34.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.11) EPS. On average, equities analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insiders Place Their Bets

In other Remitly Global news, Director Bora Chung sold 13,000 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $22.76, for a total transaction of $295,880.00. Following the transaction, the director owned 103,171 shares of the company's stock, valued at $2,348,171.96. This trade represents a 11.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Ltd Naspers sold 11,900,000 shares of the stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $22.89, for a total value of $272,391,000.00. Following the transaction, the insider directly owned 25,441,745 shares in the company, valued at approximately $582,361,543.05. This represents a 31.87% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,089,551 shares of company stock valued at $276,376,287. 7.50% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently 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. Monness Crespi & Hardt increased 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. KeyCorp upped their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Barclays upped their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Finally, The Goldman Sachs Group upped their price objective on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $28.88.

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.