Jefferies Financial Group Inc. Takes $441,000 Position in Remitly Global, Inc. (NASDAQ:RELY)

Jefferies Financial Group Inc. acquired a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 21,225 shares of the financial services provider's stock, valued at approximately $441,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in RELY. Price T Rowe Associates Inc. MD boosted its position in shares of Remitly Global by 1,032.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider's stock worth $31,614,000 after purchasing an additional 1,276,991 shares in the last quarter. ArrowMark Colorado Holdings LLC raised its stake in Remitly Global by 34.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock valued at $107,751,000 after buying an additional 1,220,806 shares during the last quarter. Marshall Wace LLP boosted its holdings in Remitly Global by 146.4% in the fourth quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider's stock worth $35,456,000 after acquiring an additional 933,253 shares in the last quarter. Marathon Partners Equity Management LLC bought a new position in shares of Remitly Global during the fourth quarter valued at $20,877,000. Finally, Lord Abbett & CO. LLC bought a new position in shares of Remitly Global during the fourth quarter valued at $19,312,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. 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 report on Thursday, May 8th. JMP Securities reiterated a "market outperform" rating and issued a $32.00 target price on shares of Remitly Global in a research note on Thursday, April 10th. KeyCorp reissued an "overweight" rating and set a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a research report on Thursday. Barclays upped their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. Finally, The Goldman Sachs Group lifted their target price 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, Remitly Global presently has a consensus rating of "Moderate Buy" and an average price target of $29.00.

Insider Activity at Remitly Global

In other Remitly Global news, Director Bora Chung sold 13,000 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $22.76, for a total value of $295,880.00. Following the completion of the sale, the director owned 103,171 shares in the company, valued at $2,348,171.96. This represents a 11.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Joshua Hug sold 20,000 shares of the firm's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $21.07, for a total value of $421,400.00. Following the completion of the transaction, the director directly owned 3,713,811 shares in the company, valued at $78,249,997.77. This trade represents a 0.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,041,833 shares of company stock valued at $275,390,023 in the last three months. Corporate insiders own 7.50% of the company's stock.

Remitly Global Price Performance

Remitly Global stock traded up $0.05 during mid-day trading on Friday, reaching $19.00. 7,517,332 shares of the stock traded hands, compared to its average volume of 2,932,047. Remitly Global, Inc. has a 12-month low of $12.43 and a 12-month high of $27.32. The business's 50-day moving average is $18.65 and its 200-day moving average is $20.90. The stock has a market capitalization of $3.87 billion, a PE ratio of 316.72 and a beta of 0.12.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a net margin of 0.96% and a return on equity of 2.39%. The business had revenue of $411.85 million for the quarter, compared to analysts' expectations of $384.59 million. During the same period in the previous year, the company earned ($0.06) EPS. Remitly Global's revenue for the quarter was up 34.4% compared to the same quarter last year. Equities analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

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.