Remitly Global, Inc. (NASDAQ:RELY) Stock Holdings Raised by Neo Ivy Capital Management

Neo Ivy Capital Management lifted its holdings in 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 Securities & Exchange Commission. The fund owned 94,284 shares of the financial services provider's stock after buying an additional 47,430 shares during the period. Neo Ivy Capital Management's holdings in Remitly Global were worth $2,127,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Remitly Global by 30.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 314,714 shares of the financial services provider's stock valued at $7,103,000 after purchasing an additional 72,687 shares in the last quarter. Washington Harbour Partners LP purchased a new position in shares of Remitly Global in the fourth quarter worth $2,009,000. Vident Advisory LLC raised its holdings in shares of Remitly Global by 56.6% in the fourth quarter. Vident Advisory LLC now owns 86,220 shares of the financial services provider's stock worth $1,946,000 after buying an additional 31,145 shares during the last quarter. Squarepoint Ops LLC raised its holdings in shares of Remitly Global by 42.1% during the fourth quarter. Squarepoint Ops LLC now owns 37,893 shares of the financial services provider's stock worth $855,000 after purchasing an additional 11,219 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC purchased a new position in shares of Remitly Global during the fourth quarter worth $5,274,000. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Stock Down 0.6%

Shares of RELY traded down $0.14 during trading hours on Tuesday, reaching $22.19. 2,939,553 shares of the company traded hands, compared to its average volume of 2,358,275. The stock has a market capitalization of $4.52 billion, a PE ratio of -116.79 and a beta of 0.16. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The stock has a fifty day simple moving average of $20.99 and a 200 day simple moving average of $21.93.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The firm had revenue of $361.62 million for the quarter, compared to the consensus estimate of $347.81 million. During the same period in the prior year, the business posted ($0.11) earnings per share. The firm's revenue for the quarter was up 34.3% compared to the same quarter last year. Research analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Ltd Naspers sold 11,900,000 shares of the firm's stock in a transaction dated 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 now directly owns 25,441,745 shares in the company, valued at $582,361,543.05. This trade represents a 31.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was 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 owns 4,329,513 shares in the company, valued at approximately $83,602,896.03. This trade represents a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,014,884 shares of company stock worth $274,801,834. 7.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

RELY has been the topic of a number of recent research reports. Monness Crespi & Hardt boosted their target price on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. upped their price objective on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. 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. Wells Fargo & Company upped their price objective on Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. Finally, BMO Capital Markets upped their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has a consensus 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.