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

ProShare Advisors LLC increased its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 51.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,044 shares of the financial services provider's stock after acquiring an additional 14,251 shares during the quarter. ProShare Advisors LLC's holdings in Remitly Global were worth $949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the stock. Global Retirement Partners LLC bought a new stake in shares of Remitly Global during the fourth quarter valued at approximately $28,000. R Squared Ltd bought a new stake in Remitly Global in the fourth quarter worth $89,000. Wilmington Savings Fund Society FSB bought a new stake in Remitly Global in the fourth quarter worth $135,000. KBC Group NV boosted its holdings in 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 acquiring an additional 2,033 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Remitly Global in the fourth quarter worth $155,000. Institutional investors own 74.25% of the company's stock.

Remitly Global Stock Performance

Shares of NASDAQ RELY traded down $0.44 during midday trading on Wednesday, hitting $21.76. 1,339,251 shares of the company's stock traded hands, compared to its average volume of 2,347,159. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The stock has a market capitalization of $4.43 billion, a price-to-earnings ratio of -114.63 and a beta of 0.16. The firm has a fifty day moving average of $21.02 and a 200 day moving average of $21.94.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on RELY. 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 note on Thursday, May 8th. JMP Securities reiterated a "market outperform" rating and issued a $32.00 price target on shares of Remitly Global in a research note on Thursday, April 10th. The Goldman Sachs Group lifted their target price on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. KeyCorp boosted their price target on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Finally, BMO Capital Markets boosted their price target on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.88.

Insider Activity at Remitly Global

In other news, Director Bora Chung sold 13,000 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $22.76, for a total transaction 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 represents a 11.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.31, for a total value of $281,597.73. Following the transaction, the chief executive officer now directly owns 4,329,513 shares in the company, valued at $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 90 days, insiders have sold 12,014,884 shares of company stock worth $274,801,834. Company insiders own 7.50% of the company's stock.

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.