Remitly Global, Inc. (NASDAQ:RELY) Shares Bought by Penserra Capital Management LLC

Penserra Capital Management LLC increased its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 448.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 365,087 shares of the financial services provider's stock after buying an additional 298,491 shares during the period. Penserra Capital Management LLC owned 0.18% of Remitly Global worth $7,593,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RELY. Proficio Capital Partners LLC purchased a new position in shares of Remitly Global during the fourth quarter worth approximately $315,000. Charles Schwab Investment Management Inc. increased its holdings in Remitly Global by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,246,582 shares of the financial services provider's stock worth $28,135,000 after purchasing an additional 25,616 shares during the period. M&T Bank Corp raised its position in Remitly Global by 62.2% during the 4th quarter. M&T Bank Corp now owns 83,938 shares of the financial services provider's stock valued at $1,895,000 after purchasing an additional 32,176 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Remitly Global by 2.1% in the 4th quarter. Arizona State Retirement System now owns 42,453 shares of the financial services provider's stock worth $958,000 after buying an additional 886 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in shares of Remitly Global by 65.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,318 shares of the financial services provider's stock worth $301,000 after buying an additional 5,290 shares in the last quarter. Institutional investors own 74.25% of the company's stock.

Insider Activity

In other Remitly Global news, Director Bora Chung sold 13,000 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $22.76, for a total value of $295,880.00. Following the completion of the sale, the director directly owned 103,171 shares in the company, valued at approximately $2,348,171.96. This trade represents a 11.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Phillip John Riese sold 5,000 shares of the company's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total transaction of $101,700.00. Following the transaction, the director owned 102,257 shares in the company, valued at approximately $2,079,907.38. This trade represents a 4.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,084,968 shares of company stock worth $276,321,392 over the last quarter. Company insiders own 8.10% of the company's stock.

Remitly Global Trading Up 0.1%

Shares of NASDAQ:RELY traded up $0.02 during trading on Monday, reaching $18.52. The stock had a trading volume of 3,510,282 shares, compared to its average volume of 2,165,644. The company has a market capitalization of $3.78 billion, a P/E ratio of -617.33 and a beta of 0.13. The firm's 50-day simple moving average is $20.96 and its 200 day simple moving average is $21.81. Remitly Global, Inc. has a one year low of $12.33 and a one year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.09. The company had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. Remitly Global's revenue was up 34.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.11) earnings per share. Equities research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RELY. Barclays lifted 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. JMP Securities reissued a "market outperform" rating and set a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. Monness Crespi & Hardt upped their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. The Goldman Sachs Group increased their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Finally, KeyCorp lifted their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. 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, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $28.88.

Remitly Global 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.