UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Acquires 72,687 Shares of Remitly Global, Inc. (NASDAQ:RELY)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 30.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 314,714 shares of the financial services provider's stock after purchasing an additional 72,687 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.16% of Remitly Global worth $7,103,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Remitly Global during the 4th quarter valued at $66,169,000. Price T Rowe Associates Inc. MD raised its position in shares of 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 acquiring an additional 1,276,991 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its position 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 valued at $107,751,000 after buying an additional 1,220,806 shares in the last quarter. Marshall Wace LLP increased its position 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 valued at $35,456,000 after buying an additional 933,253 shares in the last quarter. Finally, Marathon Partners Equity Management LLC bought a new stake in Remitly Global in the 4th quarter valued at about $20,877,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Insider Activity

In related news, Director Joshua Hug sold 20,000 shares of the business's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $21.07, for a total transaction of $421,400.00. Following the transaction, the director now directly owns 3,713,811 shares of the company's stock, valued at approximately $78,249,997.77. The trade was a 0.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 transaction of $95,050.00. Following the completion of the sale, the insider now directly owns 397,805 shares of the company's stock, valued at $7,562,273.05. This represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,099,551 shares of company stock valued at $276,596,340. Company insiders own 7.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on RELY shares. William Blair restated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. KeyCorp raised their target price on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Barclays raised their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. JPMorgan Chase & Co. boosted their price target on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research report on Thursday, February 20th. Finally, The Goldman Sachs Group boosted their target price on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $28.88.

Remitly Global Trading Up 0.4%

Shares of RELY stock traded up $0.09 on Thursday, reaching $20.88. 1,681,870 shares of the stock were exchanged, compared to its average volume of 2,060,047. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.32. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of -109.89 and a beta of 0.16. The business's 50 day moving average price is $21.05 and its 200 day moving average price is $21.99.

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. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The firm had revenue of $361.62 million during the quarter, compared to analysts' expectations of $347.81 million. During the same period in the prior year, the company posted ($0.11) earnings per share. The firm's revenue for the quarter was up 34.3% on a year-over-year basis. Equities research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

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.