Silvercrest Asset Management Group LLC Purchases New Shares in Remitly Global, Inc. (NASDAQ:RELY)

Silvercrest Asset Management Group LLC bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 233,662 shares of the financial services provider's stock, valued at approximately $5,274,000. Silvercrest Asset Management Group LLC owned about 0.12% of Remitly Global at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Stifel Financial Corp boosted its holdings in Remitly Global by 10.4% during the fourth quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock worth $1,290,000 after buying an additional 5,390 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in Remitly Global during the fourth quarter worth about $1,228,000. DHK Financial Advisors Inc. bought a new position in Remitly Global during the fourth quarter worth about $273,000. Robeco Institutional Asset Management B.V. boosted its holdings in Remitly Global by 8.8% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider's stock worth $13,689,000 after buying an additional 49,200 shares during the last quarter. Finally, Bank of Montreal Can boosted its holdings in Remitly Global by 3.6% during the fourth quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock worth $931,000 after buying an additional 1,435 shares during the last quarter. Institutional investors own 74.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on RELY shares. The Goldman Sachs Group lifted their price objective on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Wells Fargo & Company lifted their price objective on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. JMP Securities reiterated a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a report on Thursday, April 10th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. Finally, Barclays lifted their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $28.88.

Insider Activity at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $22.44, for a total transaction of $327,242.52. Following the transaction, the chief executive officer now owns 4,271,181 shares of the company's stock, valued at $95,845,301.64. The trade was a 0.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ankur Sinha sold 5,000 shares of the business's stock in a transaction that occurred 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 transaction, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This trade represents a 1.24% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,014,884 shares of company stock valued at $274,801,834. 8.10% of the stock is owned by insiders.

Remitly Global Stock Performance

Remitly Global stock traded down $0.33 during midday trading on Friday, reaching $22.33. The stock had a trading volume of 2,234,531 shares, compared to its average volume of 2,034,343. The firm's fifty day simple moving average is $20.95 and its 200-day simple moving average is $21.90. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32. The stock has a market capitalization of $4.55 billion, a P/E ratio of -117.53 and a beta of 0.16.

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

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.