Remitly Global, Inc. (NASDAQ:RELY) Position Raised by Nuveen Asset Management LLC

Nuveen Asset Management LLC raised its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 2.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 1,877,147 shares of the financial services provider's stock after buying an additional 45,579 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.95% of Remitly Global worth $42,367,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Remitly Global by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider's stock valued at $330,674,000 after purchasing an additional 380,159 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of Remitly Global by 1.6% during the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider's stock valued at $211,827,000 after buying an additional 150,602 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its holdings in shares of Remitly Global by 34.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock valued at $107,751,000 after buying an additional 1,220,806 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Remitly Global by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider's stock valued at $79,666,000 after buying an additional 49,281 shares during the last quarter. Finally, Norges Bank bought a new stake in Remitly Global during the 4th quarter valued at $66,169,000. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Stock Down 1.1%

Shares of Remitly Global stock opened at $22.54 on Tuesday. The stock's fifty day moving average is $20.72 and its 200-day moving average is $21.83. The firm has a market capitalization of $4.59 billion, a PE ratio of -118.63 and a beta of 0.16. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $27.32.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. During the same quarter in the previous year, the business earned ($0.11) earnings per share. The firm's revenue was up 34.3% compared to the same quarter last year. Analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Activity at Remitly Global

In other news, Director Bora Chung sold 13,000 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $22.76, for a total value of $295,880.00. Following the completion of the sale, the director now directly owns 103,171 shares of the company's stock, valued at $2,348,171.96. This represents a 11.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 that occurred on Monday, March 17th. The stock was 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 directly 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. Over the last ninety days, insiders have sold 12,000,301 shares of company stock valued at $274,474,592. Company insiders own 7.50% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on RELY shares. Barclays lifted their target price on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Monness Crespi & Hardt boosted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. BMO Capital Markets boosted their target price on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. William Blair reissued an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. Finally, The Goldman Sachs Group boosted their price objective on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $28.88.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.