Vanguard Group Inc. Acquires 306,099 Shares of Remitly Global, Inc. $RELY

Vanguard Group Inc. raised its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 2.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,957,152 shares of the financial services provider's stock after purchasing an additional 306,099 shares during the period. Vanguard Group Inc. owned 7.34% of Remitly Global worth $311,109,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Stifel Financial Corp lifted its stake in shares of Remitly Global by 10.4% in the 4th quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock worth $1,290,000 after acquiring an additional 5,390 shares during the period. Teacher Retirement System of Texas bought a new stake in shares of Remitly Global in the 1st quarter worth approximately $1,231,000. Bank of Montreal Can raised its holdings 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 worth $931,000 after purchasing an additional 1,435 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Remitly Global by 53.1% in the 4th quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider's stock worth $1,597,000 after purchasing an additional 24,559 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of Remitly Global by 29.8% during the first quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock valued at $165,000 after acquiring an additional 1,823 shares during the period. 74.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Pankaj Sharma sold 5,000 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $19.71, for a total value of $98,550.00. Following the completion of the transaction, the insider owned 186,926 shares in the company, valued at approximately $3,684,311.46. This represents a 2.61% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joshua Hug sold 60,777 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $21.22, for a total transaction of $1,289,687.94. Following the sale, the director owned 3,733,811 shares of the company's stock, valued at $79,231,469.42. This trade represents a 1.60% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 128,250 shares of company stock worth $2,623,250. Insiders own 7.50% of the company's stock.

Remitly Global Price Performance

Shares of NASDAQ RELY traded down $0.1350 during trading hours on Thursday, hitting $18.6950. 705,573 shares of the stock were exchanged, compared to its average volume of 2,940,856. The firm has a market capitalization of $3.85 billion, a P/E ratio of 311.30 and a beta of 0.12. Remitly Global, Inc. has a one year low of $12.43 and a one year high of $27.32. The company's 50 day moving average is $18.39 and its 200 day moving average is $20.65.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). The company had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. Remitly Global's revenue for the quarter was up 34.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.06) earnings per share. Research analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RELY has been the topic of several research reports. The Goldman Sachs Group upped their price objective 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. Monness Crespi & Hardt boosted their target price on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday. Barclays boosted their target price on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Finally, KeyCorp reissued an "overweight" rating and issued a $28.00 target price (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $29.00.

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.