Man Group plc Has $10.94 Million Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Man Group plc raised its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 378.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 484,748 shares of the financial services provider's stock after buying an additional 383,332 shares during the quarter. Man Group plc owned about 0.24% of Remitly Global worth $10,941,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of RELY. Norges Bank bought a new position in Remitly Global in the fourth quarter valued at approximately $66,169,000. Price T Rowe Associates Inc. MD lifted its stake in Remitly Global by 1,032.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider's stock valued at $31,614,000 after buying an additional 1,276,991 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its stake in Remitly Global by 34.4% in 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 in the last quarter. Marshall Wace LLP lifted its stake 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 valued at $35,456,000 after buying an additional 933,253 shares in the last quarter. Finally, Marathon Partners Equity Management LLC bought a new position in Remitly Global in the fourth quarter valued at approximately $20,877,000. Institutional investors own 74.25% of the company's stock.

Insiders Place Their Bets

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. The trade was a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.31, for a total transaction of $281,597.73. Following the completion of the transaction, the chief executive officer now owns 4,329,513 shares in the company, valued at approximately $83,602,896.03. This represents 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 12,014,884 shares of company stock valued at $274,801,834. 8.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RELY. William Blair reissued an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. 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. BMO Capital Markets boosted their price objective 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. Wells Fargo & Company boosted their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 20th. Finally, The Goldman Sachs Group boosted their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. One 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 presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.88.

Remitly Global Price Performance

NASDAQ RELY traded down $0.33 on Friday, hitting $22.33. 2,234,531 shares of the stock were exchanged, compared to its average volume of 2,034,343. The business's fifty day moving average is $20.95 and its 200 day moving average is $21.90. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The company has a market capitalization of $4.55 billion, a PE ratio of -117.53 and a beta of 0.16.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. During the same period in the prior year, the firm posted ($0.11) earnings per share. The company's quarterly revenue was up 34.3% compared to the same quarter last year. Analysts predict 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.