Washington Harbour Partners LP Makes New Investment in Remitly Global, Inc. (NASDAQ:RELY)

Washington Harbour Partners LP acquired a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 89,000 shares of the financial services provider's stock, valued at approximately $2,009,000. Remitly Global comprises 3.7% of Washington Harbour Partners LP's investment portfolio, making the stock its 13th biggest position.

A number of other hedge funds have also recently made changes to their positions in RELY. Vident Advisory LLC boosted its holdings in Remitly Global by 56.6% in the fourth quarter. Vident Advisory LLC now owns 86,220 shares of the financial services provider's stock worth $1,946,000 after acquiring an additional 31,145 shares in the last quarter. Squarepoint Ops LLC boosted its holdings in Remitly Global by 42.1% in the fourth quarter. Squarepoint Ops LLC now owns 37,893 shares of the financial services provider's stock worth $855,000 after acquiring an additional 11,219 shares in the last quarter. Silvercrest Asset Management Group LLC acquired a new stake in Remitly Global in the fourth quarter worth about $5,274,000. ProShare Advisors LLC boosted its holdings in Remitly Global by 51.3% in the fourth quarter. ProShare Advisors LLC now owns 42,044 shares of the financial services provider's stock worth $949,000 after acquiring an additional 14,251 shares in the last quarter. Finally, Man Group plc boosted its holdings in Remitly Global by 378.0% in the fourth quarter. Man Group plc now owns 484,748 shares of the financial services provider's stock worth $10,941,000 after acquiring an additional 383,332 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Remitly Global

In related news, insider Joshua Hug sold 10,000 shares of Remitly Global stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $19.71, for a total value of $197,100.00. Following the sale, the insider now owns 3,823,811 shares of the company's stock, valued at approximately $75,367,314.81. This trade represents a 0.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction on Monday, March 17th. The shares were 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 in the company, valued at $7,562,273.05. This represents a 1.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,014,884 shares of company stock valued at $274,801,834 in the last three months. 8.10% of the stock is currently owned by company insiders.

Remitly Global Stock Down 1.5%

Shares of NASDAQ:RELY traded down $0.33 during trading on Friday, hitting $22.33. The stock had a trading volume of 2,234,531 shares, compared to its average volume of 2,034,343. The stock has a market capitalization of $4.55 billion, a price-to-earnings ratio of -117.53 and a beta of 0.16. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $27.32. The stock has a 50-day simple moving average of $20.95 and a two-hundred day simple moving average of $21.90.

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 the consensus estimate of ($0.04) by $0.09. The firm had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. Remitly Global's revenue for the quarter was up 34.3% compared to the same quarter last year. During the same period last year, the company earned ($0.11) earnings per share. As a group, sell-side analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RELY. BMO Capital Markets raised their price target on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. William Blair reissued an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. The Goldman Sachs Group raised their price target on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. KeyCorp raised their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. raised their price objective on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price 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.