ProShare Advisors LLC Increases Stock Position in Remitly Global, Inc. (NASDAQ:RELY)

ProShare Advisors LLC lifted its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 51.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,044 shares of the financial services provider's stock after buying an additional 14,251 shares during the period. ProShare Advisors LLC's holdings in Remitly Global were worth $949,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Global Retirement Partners LLC purchased a new position in shares of Remitly Global in the fourth quarter worth about $28,000. R Squared Ltd bought a new stake in shares of Remitly Global in the fourth quarter worth about $89,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Remitly Global in the fourth quarter worth about $135,000. KBC Group NV grew its stake in shares of Remitly Global by 49.7% in the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock worth $138,000 after purchasing an additional 2,033 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of Remitly Global in the fourth quarter worth about $155,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

Insider Activity

In other news, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the completion of the transaction, the insider now directly owns 397,805 shares in the company, valued at approximately $7,562,273.05. This trade represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Ltd Naspers sold 11,900,000 shares of Remitly Global stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $22.89, for a total transaction of $272,391,000.00. Following the transaction, the insider now owns 25,441,745 shares of the company's stock, valued at $582,361,543.05. The trade was a 31.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,015,854 shares of company stock worth $274,823,494. Insiders own 7.50% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RELY. William Blair reissued an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. JPMorgan Chase & Co. raised their target price on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. Wells Fargo & Company raised their target price on Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 20th. Monness Crespi & Hardt raised their target price on Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, Barclays raised their target price on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $28.88.

Remitly Global Trading Down 1.6%

Remitly Global stock traded down $0.34 during trading hours on Thursday, hitting $21.19. 757,348 shares of the stock traded hands, compared to its average volume of 2,038,798. The firm's 50-day moving average price is $21.05 and its two-hundred day moving average price is $21.93. The company has a market cap of $4.32 billion, a PE ratio of -111.47 and a beta of 0.16. 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 posted its quarterly earnings data 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 business had revenue of $361.62 million for the quarter, compared to analysts' expectations of $347.81 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The business's revenue was up 34.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.11) EPS. On average, sell-side analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal 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.