Universal Beteiligungs und Servicegesellschaft mbH Buys New Position in Remitly Global, Inc. (NASDAQ:RELY)

Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 669,897 shares of the financial services provider's stock, valued at approximately $15,120,000. Universal Beteiligungs und Servicegesellschaft mbH owned approximately 0.33% of Remitly Global at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in RELY. Global Retirement Partners LLC bought a new position in Remitly Global during the fourth quarter valued at about $28,000. R Squared Ltd purchased a new stake in Remitly Global during the fourth quarter worth about $89,000. Wilmington Savings Fund Society FSB purchased a new stake in Remitly Global during the fourth quarter worth about $135,000. KBC Group NV increased its holdings in Remitly Global by 49.7% during the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock worth $138,000 after buying an additional 2,033 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in Remitly Global during the fourth quarter worth about $155,000. Institutional investors own 74.25% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. JMP Securities restated a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a report on Thursday, April 10th. 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. Monness Crespi & Hardt raised their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Wells Fargo & Company raised their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. Finally, The Goldman Sachs Group raised their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Remitly Global presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.88.

Remitly Global Price Performance

NASDAQ:RELY traded down $0.59 on Tuesday, reaching $20.96. 3,520,227 shares of the company's stock were exchanged, compared to its average volume of 2,061,288. The firm has a market cap of $4.27 billion, a price-to-earnings ratio of -110.32 and a beta of 0.16. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The stock has a fifty day simple moving average of $21.05 and a 200-day simple moving average of $21.99.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.09. The firm had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company's quarterly revenue was up 34.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.11) earnings per share. As a group, sell-side analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Transactions at Remitly Global

In other news, insider Ankur Sinha sold 5,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the sale, the insider now directly owns 397,805 shares of the company's stock, valued at approximately $7,562,273.05. This represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's 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 completion of the sale, the chief executive officer now directly owns 4,329,513 shares in the company, valued at $83,602,896.03. This represents a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,099,551 shares of company stock valued at $276,596,340. 7.50% of the stock is currently owned by corporate insiders.

Remitly Global 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.