OMERS ADMINISTRATION Corp Invests $485,000 in Remitly Global, Inc. (NASDAQ:RELY)

OMERS ADMINISTRATION Corp acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 21,500 shares of the financial services provider's stock, valued at approximately $485,000.

Several other large investors have also bought and sold shares of the business. Global Retirement Partners LLC acquired a new position in shares of Remitly Global during the fourth quarter worth $28,000. R Squared Ltd acquired a new position in shares of Remitly Global during the fourth quarter worth $89,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Remitly Global during the fourth quarter worth $135,000. KBC Group NV increased its holdings in shares of Remitly Global by 49.7% during the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock worth $138,000 after buying an additional 2,033 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Remitly Global during the fourth quarter worth $155,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Price Performance

Shares of RELY stock traded down $0.33 on Friday, reaching $22.33. 2,234,531 shares of the company were exchanged, compared to its average volume of 2,034,343. The company has a market cap of $4.55 billion, a price-to-earnings ratio of -117.53 and a beta of 0.16. The company has a 50-day moving average of $20.95 and a 200-day moving average of $21.90. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last released 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. The company had revenue of $361.62 million for the quarter, compared to analysts' expectations 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 quarter in the prior year, the firm earned ($0.11) EPS. As a group, sell-side analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. BMO Capital Markets upped their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Wells Fargo & Company upped their price target 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. Barclays increased their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. JPMorgan Chase & Co. increased their price objective on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Finally, William Blair restated an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $28.88.

Insider Activity at Remitly Global

In related news, Director Bora Chung sold 13,000 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $22.76, for a total value of $295,880.00. Following the transaction, the director now owns 103,171 shares of the company's stock, valued at approximately $2,348,171.96. This trade represents a 11.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $83,602,896.03. The trade was a 0.34% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,014,884 shares of company stock valued at $274,801,834. 8.10% of the stock is owned by corporate insiders.

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.