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

Teacher Retirement System of Texas bought a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 59,205 shares of the financial services provider's stock, valued at approximately $1,231,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Comerica Bank lifted its stake in shares of Remitly Global by 2.1% in the 4th quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock valued at $577,000 after purchasing an additional 534 shares during the period. Sei Investments Co. lifted its stake in shares of Remitly Global by 4.8% in the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock valued at $313,000 after purchasing an additional 636 shares during the period. Summit Investment Advisors Inc. lifted its stake in shares of Remitly Global by 4.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 15,617 shares of the financial services provider's stock valued at $352,000 after purchasing an additional 717 shares during the period. Bank of Montreal Can lifted its stake in shares of Remitly Global by 3.6% in the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after purchasing an additional 1,435 shares during the period. Finally, KBC Group NV lifted its stake in shares of Remitly Global by 29.8% in the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock valued at $165,000 after purchasing an additional 1,823 shares during the period. Hedge funds and other institutional investors own 74.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on RELY shares. KeyCorp raised 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. Barclays raised their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. Monness Crespi & Hardt raised their price objective on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. JMP Securities reaffirmed a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a research report on Thursday, April 10th. Finally, The Goldman Sachs Group raised their price objective on 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 assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $28.88.

Remitly Global Stock Down 0.1%

Shares of Remitly Global stock traded down $0.01 on Wednesday, reaching $17.45. The company's stock had a trading volume of 3,917,173 shares, compared to its average volume of 2,215,969. The company has a market capitalization of $3.56 billion, a price-to-earnings ratio of -581.67 and a beta of 0.13. The firm's fifty day simple moving average is $20.60 and its two-hundred day simple moving average is $21.58. Remitly Global, Inc. has a 52 week low of $12.43 and a 52 week high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.09. The business 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%. The company's quarterly revenue was up 34.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.11) EPS. As a group, research analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global 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 completion of the sale, the chief executive officer owned 4,271,181 shares of the company's stock, valued at $95,845,301.64. The trade was a 0.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joshua Hug sold 20,000 shares of Remitly Global stock in a transaction on Friday, May 30th. The stock was sold at an average price of $21.07, for a total value of $421,400.00. Following the completion of the sale, the director directly owned 3,713,811 shares of the company's stock, valued at $78,249,997.77. The trade was a 0.54% 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 valued at $276,321,392 over the last ninety days. 8.10% of the stock is owned by insiders.

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.