GAMMA Investing LLC Boosts Position in Remitly Global, Inc. (NASDAQ:RELY)

GAMMA Investing LLC increased its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 2,744.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,493 shares of the financial services provider's stock after buying an additional 16,878 shares during the quarter. GAMMA Investing LLC's holdings in Remitly Global were worth $364,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Remitly Global during the fourth quarter valued at about $66,169,000. Price T Rowe Associates Inc. MD increased its holdings in Remitly Global by 1,032.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider's stock valued at $31,614,000 after purchasing an additional 1,276,991 shares during the period. ArrowMark Colorado Holdings LLC increased its holdings in Remitly Global by 34.4% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock valued at $107,751,000 after purchasing an additional 1,220,806 shares during the period. Marshall Wace LLP raised its position in Remitly Global by 146.4% during the 4th quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider's stock valued at $35,456,000 after purchasing an additional 933,253 shares during the last quarter. Finally, Marathon Partners Equity Management LLC purchased a new stake in Remitly Global in the 4th quarter worth approximately $20,877,000. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Trading Up 2.4%

NASDAQ:RELY traded up $0.48 during trading hours on Tuesday, reaching $20.36. 2,863,993 shares of the company traded hands, compared to its average volume of 2,151,802. The business's 50-day moving average price is $21.12 and its two-hundred day moving average price is $21.96. Remitly Global, Inc. has a 1 year low of $11.64 and a 1 year high of $27.32. The stock has a market capitalization of $4.15 billion, a P/E ratio of -678.67 and a beta of 0.18.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly 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 analyst estimates of $347.81 million. Remitly Global had a negative return on equity of 0.70% and a negative net margin of 0.34%. Remitly Global's quarterly revenue was up 34.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.11) EPS. As a group, equities analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insiders Place Their Bets

In related news, insider Joshua Hug sold 10,000 shares of Remitly Global stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $19.23, for a total value of $192,300.00. Following the completion of the sale, the insider now directly owns 3,813,811 shares in the company, valued at approximately $73,339,585.53. This trade represents a 0.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Ltd Naspers sold 11,900,000 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $22.89, for a total transaction of $272,391,000.00. Following the transaction, the insider now owns 25,441,745 shares in the company, valued at $582,361,543.05. This represents a 31.87% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,084,968 shares of company stock valued at $276,321,392. Insiders own 8.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RELY. The Goldman Sachs Group raised their price target on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Monness Crespi & Hardt raised their target price 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. Barclays boosted 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. JMP Securities restated a "market outperform" rating and issued a $32.00 price objective on shares of Remitly Global in a report on Thursday, April 10th. Finally, KeyCorp lifted their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average 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.