Remitly Global, Inc. (NASDAQ:RELY) Stock Position Increased by Vident Advisory LLC

Vident Advisory LLC lifted its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 56.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 86,220 shares of the financial services provider's stock after acquiring an additional 31,145 shares during the period. Vident Advisory LLC's holdings in Remitly Global were worth $1,946,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in RELY. Barclays PLC boosted its stake in Remitly Global by 19.2% in the 3rd quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider's stock worth $18,858,000 after buying an additional 227,231 shares during the last quarter. Dakota Wealth Management purchased a new stake in shares of Remitly Global during the 4th quarter valued at about $269,000. Blue Trust Inc. raised its holdings in shares of Remitly Global by 661.9% during the 4th quarter. Blue Trust Inc. now owns 17,135 shares of the financial services provider's stock valued at $387,000 after buying an additional 14,886 shares during the period. KBC Group NV raised its holdings in shares of Remitly Global by 49.7% during the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock valued at $138,000 after buying an additional 2,033 shares during the period. Finally, DHK Financial Advisors Inc. purchased a new stake in Remitly Global during the 4th quarter worth approximately $273,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Remitly Global news, Director Bora Chung sold 13,000 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $22.76, for a total transaction of $295,880.00. Following the completion of the transaction, the director now owns 103,171 shares in the company, valued at approximately $2,348,171.96. The trade was a 11.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.31, for a total value of $281,597.73. Following the transaction, the chief executive officer now owns 4,329,513 shares of the company's stock, valued at $83,602,896.03. This trade represents a 0.34% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,014,884 shares of company stock worth $274,801,834. 7.50% of the stock is owned by company insiders.

Remitly Global Price Performance

NASDAQ:RELY traded up $0.01 during midday trading on Tuesday, reaching $22.34. 596,464 shares of the company traded hands, compared to its average volume of 2,028,852. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.32. The firm has a market capitalization of $4.55 billion, a price-to-earnings ratio of -117.77 and a beta of 0.16. The company has a fifty day moving average price of $20.99 and a 200 day moving average price of $21.93.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.09. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The business had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. During the same quarter in the previous year, the firm posted ($0.11) EPS. The business's revenue for the quarter was up 34.3% compared to the same quarter last year. On average, equities research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on RELY. BMO Capital Markets lifted their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Barclays boosted their price target on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. JPMorgan Chase & Co. boosted their price target on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $32.00 price target on shares of Remitly Global in a report on Thursday, April 10th. One investment 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 currently has a consensus rating of "Moderate Buy" and an average price target of $28.88.

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.