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

Penserra Capital Management LLC raised its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 448.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 365,087 shares of the financial services provider's stock after acquiring an additional 298,491 shares during the quarter. Penserra Capital Management LLC owned approximately 0.18% of Remitly Global worth $7,593,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Exchange Traded Concepts LLC acquired a new position in shares of Remitly Global during the 1st quarter worth about $46,000. KBC Group NV boosted its position in shares of Remitly Global by 29.8% during the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock worth $165,000 after acquiring an additional 1,823 shares in the last quarter. Mackenzie Financial Corp acquired a new position in shares of Remitly Global during the 4th quarter worth about $211,000. Xponance Inc. acquired a new position in shares of Remitly Global during the 4th quarter worth about $245,000. Finally, Clarius Group LLC acquired a new position in shares of Remitly Global during the 1st quarter worth about $239,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Stock Down 1.1%

RELY traded down $0.20 on Thursday, hitting $18.27. 4,160,756 shares of the company traded hands, compared to its average volume of 2,171,366. The company has a 50 day moving average of $20.86 and a 200-day moving average of $21.73. The stock has a market capitalization of $3.72 billion, a PE ratio of -609.00 and a beta of 0.13. Remitly Global, Inc. has a 12-month low of $12.33 and a 12-month high of $27.32.

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

Insider Activity

In other Remitly Global news, CAO Luke Tavis sold 2,920 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $21.15, for a total transaction of $61,758.00. Following the transaction, the chief accounting officer owned 1,208 shares in the company, valued at approximately $25,549.20. The trade was a 70.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $22.44, for a total value of $327,242.52. Following the transaction, the chief executive officer owned 4,271,181 shares in the company, valued at $95,845,301.64. The trade was a 0.34% 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. 7.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on RELY shares. The Goldman Sachs Group boosted their target price on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Monness Crespi & Hardt upped their target price on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. JMP Securities reissued a "market outperform" rating and issued a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. KeyCorp upped their target price on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Finally, Barclays upped their target price on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average 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.