Man Group plc Raises Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Man Group plc increased its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 378.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 484,748 shares of the financial services provider's stock after purchasing an additional 383,332 shares during the period. Man Group plc owned 0.24% of Remitly Global worth $10,941,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Stifel Financial Corp increased its position in Remitly Global by 10.4% during the fourth quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock worth $1,290,000 after buying an additional 5,390 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Remitly Global during the fourth quarter worth approximately $1,228,000. DHK Financial Advisors Inc. acquired a new position in shares of Remitly Global in the 4th quarter valued at $273,000. Robeco Institutional Asset Management B.V. increased its holdings in shares of Remitly Global by 8.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider's stock valued at $13,689,000 after acquiring an additional 49,200 shares during the period. Finally, Bank of Montreal Can raised its position in Remitly Global by 3.6% in the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after purchasing an additional 1,435 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RELY. Monness Crespi & Hardt raised their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. William Blair reissued an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. JPMorgan Chase & Co. upped their price objective on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Barclays increased their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Finally, The Goldman Sachs Group boosted their target price on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, May 8th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $28.88.

Remitly Global Price Performance

Shares of RELY stock opened at $22.79 on Monday. The business's fifty day moving average price is $20.66 and its 200 day moving average price is $21.79. The firm has a market capitalization of $4.65 billion, a PE ratio of -119.95 and a beta of 0.16. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.09. The company had revenue of $361.62 million for 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 business's revenue was up 34.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.11) EPS. Equities research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Ankur Sinha sold 5,000 shares of the business's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.01, for a total transaction of $95,050.00. Following the sale, the insider now owns 397,805 shares of the company's stock, valued at $7,562,273.05. The trade was a 1.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.31, for a total value of $281,597.73. Following the completion of the transaction, the chief executive officer now directly owns 4,329,513 shares of the company's stock, valued at $83,602,896.03. The trade was a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,977,301 shares of company stock worth $273,951,012. 7.50% of the stock is owned by company 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.

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