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

ProShare Advisors LLC increased its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 51.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 42,044 shares of the financial services provider's stock after buying 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 SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in RELY. Global Retirement Partners LLC purchased a new position in Remitly Global during the 4th quarter worth approximately $28,000. R Squared Ltd purchased a new position in Remitly Global during the 4th quarter worth approximately $89,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Remitly Global in the 4th quarter valued at approximately $135,000. KBC Group NV grew its stake in shares of Remitly Global by 49.7% in the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock valued at $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 purchased a new position in shares of Remitly Global in the 4th quarter valued at approximately $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 on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now owns 397,805 shares of the company's stock, valued at $7,562,273.05. The trade was a 1.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $22.44, for a total value of $327,242.52. Following the sale, the chief executive officer now directly owns 4,271,181 shares of the company's stock, valued at approximately $95,845,301.64. This trade represents a 0.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,014,884 shares of company stock valued at $274,801,834 over the last quarter. Company insiders own 7.50% of the company's stock.

Remitly Global Trading Down 0.6%

Shares of NASDAQ RELY traded down $0.14 during trading on Tuesday, reaching $22.19. The company had a trading volume of 2,939,553 shares, compared to its average volume of 2,037,964. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.32. The stock has a market capitalization of $4.52 billion, a PE ratio of -116.79 and a beta of 0.16. The stock has a 50-day moving average price of $20.99 and a two-hundred day moving average price of $21.93.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly 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. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company had revenue of $361.62 million during the quarter, compared to analysts' expectations of $347.81 million. During the same period in the previous year, the firm posted ($0.11) earnings per share. The business's revenue for the quarter was up 34.3% compared to the same quarter last year. On average, sell-side analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. William Blair reissued an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. The Goldman Sachs Group lifted their price objective on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. JMP Securities reaffirmed a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a report on Thursday, April 10th. Monness Crespi & Hardt lifted their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Finally, BMO Capital Markets lifted their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $28.88.

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.