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Teacher Retirement System of Texas Acquires New Position in Remitly Global, Inc. (NASDAQ:RELY)

Remitly Global logo with Business Services background

Teacher Retirement System of Texas acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 59,205 shares of the financial services provider's stock, valued at approximately $1,231,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RELY. Norges Bank bought a new position in Remitly Global in the 4th quarter worth approximately $66,169,000. Price T Rowe Associates Inc. MD boosted its stake in Remitly Global by 1,032.4% in 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 purchasing an additional 1,276,991 shares during the period. ArrowMark Colorado Holdings LLC boosted its stake in Remitly Global by 34.4% in 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 purchasing an additional 1,220,806 shares during the period. Marshall Wace LLP boosted 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 purchasing an additional 933,253 shares during the period. Finally, Marathon Partners Equity Management LLC bought a new position in Remitly Global in the 4th quarter worth approximately $20,877,000. 74.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $22.44, for a total value of $327,242.52. Following the transaction, the chief executive officer owned 4,271,181 shares of the company's stock, valued at $95,845,301.64. This represents a 0.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Bora Chung sold 13,000 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $22.76, for a total value of $295,880.00. Following the transaction, the director directly owned 103,171 shares in the company, valued at $2,348,171.96. The trade was a 11.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,084,968 shares of company stock worth $276,321,392 over the last ninety days. Corporate insiders own 7.50% of the company's stock.

Remitly Global Stock Performance

NASDAQ:RELY opened at $17.36 on Friday. The stock's fifty day moving average is $20.75 and its 200 day moving average is $21.66. Remitly Global, Inc. has a fifty-two week low of $12.43 and a fifty-two week high of $27.32. The firm has a market capitalization of $3.54 billion, a PE ratio of -578.67 and a beta of 0.13.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.09. The company had revenue of $361.62 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.11) EPS. Equities analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on RELY shares. KeyCorp upped their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Monness Crespi & Hardt upped their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Barclays upped their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. JMP Securities reaffirmed a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a report on Thursday, April 10th. Finally, The Goldman Sachs Group upped their price objective on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Remitly Global currently has a consensus rating of "Moderate Buy" and an average target price of $28.88.

Read Our Latest Research Report on Remitly Global

Remitly Global Company Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding RELY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Remitly Global, Inc. (NASDAQ:RELY - Free Report).

Institutional Ownership by Quarter for Remitly Global (NASDAQ:RELY)

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.

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