GAMMA Investing LLC Has $364,000 Position in Remitly Global, Inc. (NASDAQ:RELY)

GAMMA Investing LLC boosted its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 2,744.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,493 shares of the financial services provider's stock after purchasing an additional 16,878 shares during the period. GAMMA Investing LLC's holdings in Remitly Global were worth $364,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Global Retirement Partners LLC acquired a new stake in shares of Remitly Global during the fourth quarter valued at approximately $28,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Remitly Global during the 4th quarter worth $155,000. Mackenzie Financial Corp bought a new stake in shares of Remitly Global during the 4th quarter worth $211,000. Xponance Inc. bought a new stake in shares of Remitly Global during the 4th quarter worth $245,000. Finally, TD Waterhouse Canada Inc. bought a new stake in shares of Remitly Global during the 4th quarter worth $277,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Remitly Global

In other news, CAO Luke Tavis sold 2,920 shares of the business's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $21.15, for a total value of $61,758.00. Following the sale, the chief accounting officer now owns 1,208 shares of the company's stock, valued at $25,549.20. The trade was a 70.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Phillip John Riese sold 5,000 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total transaction of $101,700.00. Following the transaction, the director now owns 102,257 shares in the company, valued at approximately $2,079,907.38. The trade was a 4.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,084,968 shares of company stock valued at $276,321,392 over the last 90 days. 7.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

RELY has been the subject of a number of research reports. KeyCorp increased their price target on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. JMP Securities reiterated a "market outperform" rating and set a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. Barclays increased their target price on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Monness Crespi & Hardt raised their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, The Goldman Sachs Group raised their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $28.88.

Remitly Global Stock Down 1.9%

Remitly Global stock traded down $0.40 during midday trading on Friday, hitting $20.13. 4,108,557 shares of the stock were exchanged, compared to its average volume of 2,146,982. The company has a fifty day simple moving average of $21.13 and a two-hundred day simple moving average of $21.96. Remitly Global, Inc. has a 52 week low of $11.64 and a 52 week high of $27.32. The stock has a market capitalization of $4.10 billion, a PE ratio of -671.00 and a beta of 0.18.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.09. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. The firm 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 firm posted ($0.11) earnings per share. The business's revenue was up 34.3% on a year-over-year basis. As a group, equities research analysts anticipate that Remitly Global, Inc. will post -0.04 EPS 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.