Nuveen Asset Management LLC Acquires 45,579 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Nuveen Asset Management LLC boosted its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 2.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,877,147 shares of the financial services provider's stock after purchasing an additional 45,579 shares during the quarter. Nuveen Asset Management LLC owned about 0.95% of Remitly Global worth $42,367,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Global Retirement Partners LLC purchased a new position in Remitly Global during the 4th quarter worth $28,000. R Squared Ltd purchased a new position in Remitly Global during the 4th quarter worth $89,000. Wilmington Savings Fund Society FSB purchased a new position in Remitly Global during the 4th quarter worth $135,000. KBC Group NV raised its position in Remitly Global by 49.7% during the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock worth $138,000 after buying 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 Remitly Global during the 4th quarter worth $155,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Stock Down 1.5%

Remitly Global stock traded down $0.33 during trading hours on Friday, hitting $22.33. 2,234,531 shares of the company traded hands, compared to its average volume of 2,034,343. The firm has a market cap of $4.55 billion, a P/E ratio of -117.53 and a beta of 0.16. The firm's 50-day simple moving average is $20.95 and its two-hundred day simple moving average is $21.92. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results 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 for the quarter, compared to analysts' expectations of $347.81 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. Remitly Global's quarterly revenue was up 34.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.11) EPS. On average, equities research analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on RELY shares. Wells Fargo & Company raised their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 20th. BMO Capital Markets increased their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. The Goldman Sachs Group increased their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. KeyCorp lifted their price target on shares of 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 lifted their price target on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $28.88.

Insider Transactions at Remitly Global

In related news, insider Ankur Sinha sold 5,000 shares of the business's 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 transaction, the insider now directly owns 397,805 shares of the company's stock, valued at approximately $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 SEC, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.31, for a total transaction of $281,597.73. Following the completion of the sale, the chief executive officer now owns 4,329,513 shares of the company's stock, valued at $83,602,896.03. This trade represents a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,014,884 shares of company stock valued at $274,801,834 in the last quarter. Insiders own 8.10% of the company's stock.

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.