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

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

A number of other hedge funds and other institutional investors have also bought and sold shares of RELY. Ogborne Capital Management LLC purchased a new stake in shares of Remitly Global during the 4th quarter valued at $3,975,000. Marathon Partners Equity Management LLC bought a new position in Remitly Global in the fourth quarter valued at $20,877,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Remitly Global by 6.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,975 shares of the financial services provider's stock valued at $1,918,000 after purchasing an additional 5,223 shares in the last quarter. D. E. Shaw & Co. Inc. purchased a new stake in Remitly Global during the fourth quarter valued at about $580,000. Finally, Deutsche Bank AG lifted its stake in Remitly Global by 13.8% during the fourth quarter. Deutsche Bank AG now owns 1,968,918 shares of the financial services provider's stock worth $44,438,000 after purchasing an additional 239,440 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Insiders Place Their Bets

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business'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 transaction, the chief executive officer now directly owns 4,329,513 shares of the company's stock, valued at approximately $83,602,896.03. The trade was a 0.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Ltd Naspers sold 11,900,000 shares of the company's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $22.89, for a total transaction of $272,391,000.00. Following the completion of the transaction, the insider now owns 25,441,745 shares of the company's stock, valued at $582,361,543.05. This trade represents a 31.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,000,301 shares of company stock worth $274,474,592. 8.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RELY shares. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. BMO Capital Markets increased their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. JMP Securities reissued a "market outperform" rating and set a $32.00 price target on shares of Remitly Global in a research note on Thursday, April 10th. Wells Fargo & Company upped their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. Finally, The Goldman Sachs Group lifted their target price 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 analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, Remitly Global has an average rating of "Moderate Buy" and a consensus price target of $28.88.

Remitly Global Trading Up 1.4%

RELY stock traded up $0.32 during midday trading on Thursday, hitting $22.66. The company had a trading volume of 2,505,916 shares, compared to its average volume of 2,027,350. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The stock's 50 day moving average price is $20.83 and its 200 day moving average price is $21.84. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of -119.26 and a beta of 0.16.

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