Remitly Global, Inc. (NASDAQ:RELY) Shares Acquired by Neo Ivy Capital Management

Neo Ivy Capital Management lifted its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 101.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 94,284 shares of the financial services provider's stock after purchasing an additional 47,430 shares during the quarter. Neo Ivy Capital Management's holdings in Remitly Global were worth $2,127,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Global Retirement Partners LLC purchased a new stake in Remitly Global during the 4th quarter valued at about $28,000. R Squared Ltd purchased a new stake in shares of Remitly Global in the 4th quarter worth approximately $89,000. Wilmington Savings Fund Society FSB purchased a new stake in Remitly Global during the 4th quarter valued at about $135,000. KBC Group NV raised its holdings 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 worth $138,000 after acquiring an additional 2,033 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Remitly Global in the fourth quarter worth $155,000. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Stock Performance

RELY stock traded down $0.35 during trading on Wednesday, reaching $21.84. 824,947 shares of the company traded hands, compared to its average volume of 2,033,321. The business has a 50 day simple moving average of $21.02 and a 200 day simple moving average of $21.94. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $27.32. The company has a market capitalization of $4.45 billion, a price-to-earnings ratio of -114.98 and a beta of 0.16.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (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 firm had revenue of $361.62 million for the quarter, compared to the consensus estimate of $347.81 million. During the same quarter in the previous year, the firm earned ($0.11) EPS. The company's quarterly revenue was up 34.3% compared to the same quarter last year. As a group, research analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Activity at Remitly Global

In other 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 sale, the insider now owns 397,805 shares in the company, 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 is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred 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 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. Insiders have sold 12,014,884 shares of company stock valued at $274,801,834 in the last ninety days. Corporate insiders own 7.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RELY. The Goldman Sachs Group boosted their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Barclays raised their target price on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. BMO Capital Markets increased their price target on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Wells Fargo & Company raised their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. upped their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price 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.