27,877 Shares in Remitly Global, Inc. (NASDAQ:RELY) Bought by Simplicity Wealth LLC

Simplicity Wealth LLC purchased a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 27,877 shares of the financial services provider's stock, valued at approximately $580,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of RELY. Norges Bank bought a new stake in Remitly Global during the 4th quarter worth approximately $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 worth $31,614,000 after acquiring 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 worth $107,751,000 after acquiring an additional 1,220,806 shares during the period. Marshall Wace LLP grew its stake in Remitly Global by 146.4% in the 4th quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider's stock worth $35,456,000 after buying an additional 933,253 shares in the last quarter. Finally, Marathon Partners Equity Management LLC purchased a new position in Remitly Global in the 4th quarter worth approximately $20,877,000. Institutional investors own 74.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on RELY. JMP Securities reissued a "market outperform" rating and issued a $32.00 price target on shares of Remitly Global in a research note on Thursday, April 10th. BMO Capital Markets boosted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. boosted their price target on shares of Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. Monness Crespi & Hardt upped their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Finally, KeyCorp upped their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $28.88.

Remitly Global Trading Down 2.9%

NASDAQ RELY traded down $0.57 during trading on Friday, hitting $19.35. The company had a trading volume of 3,418,669 shares, compared to its average volume of 2,097,410. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32. The company has a market cap of $3.94 billion, a price-to-earnings ratio of -101.84 and a beta of 0.18. The company's fifty day moving average is $21.10 and its 200-day moving average is $21.99.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued 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. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. During the same period last year, the business earned ($0.11) EPS. Remitly Global's quarterly revenue was up 34.3% compared to the same quarter last year. As a group, equities analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Activity

In other news, 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 sale, the chief executive officer now owns 4,329,513 shares in the company, valued at $83,602,896.03. This trade represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ankur Sinha sold 5,000 shares of Remitly Global 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 sale, the insider now owns 397,805 shares in the company, valued at approximately $7,562,273.05. The trade was a 1.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,104,551 shares of company stock valued at $276,698,040 in the last 90 days. 7.50% of the stock is currently owned by insiders.

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.