XTX Topco Ltd Acquires New Position in Remitly Global, Inc. (NASDAQ:RELY)

XTX Topco Ltd bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 24,897 shares of the financial services provider's stock, valued at approximately $518,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RELY. Price T Rowe Associates Inc. MD grew its stake in shares of Remitly Global by 1,032.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider's stock valued at $31,614,000 after buying an additional 1,276,991 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its stake in Remitly Global by 34.4% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock worth $107,751,000 after purchasing an additional 1,220,806 shares in the last quarter. Marshall Wace LLP grew its stake in Remitly Global by 146.4% during the 4th quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider's stock worth $35,456,000 after purchasing an additional 933,253 shares in the last quarter. Marathon Partners Equity Management LLC acquired a new position in Remitly Global during the 4th quarter worth $20,877,000. Finally, Lord Abbett & CO. LLC acquired a new position in Remitly Global during the 4th quarter worth $19,312,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on RELY shares. The Goldman Sachs Group boosted their target price on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Wall Street Zen downgraded Remitly Global from a "buy" rating to a "hold" rating in a report on Saturday. Monness Crespi & Hardt lifted their price target on Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Barclays upped their target price on Remitly Global from $24.00 to $27.00 and gave the company 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. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, Remitly Global presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.00.

Remitly Global Stock Up 0.3%

RELY stock traded up $0.05 during mid-day trading on Friday, reaching $19.00. 7,517,332 shares of the stock traded hands, compared to its average volume of 4,828,311. Remitly Global, Inc. has a 52 week low of $12.43 and a 52 week high of $27.32. The business has a 50-day moving average of $18.61 and a two-hundred day moving average of $20.86. The firm has a market capitalization of $3.92 billion, a PE ratio of 316.72 and a beta of 0.12.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly 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). Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The company had revenue of $411.85 million for the quarter, compared to the consensus estimate of $384.59 million. During the same period last year, the company earned ($0.06) earnings per share. Remitly Global's revenue for the quarter was up 34.4% compared to the same quarter last year. On average, equities research analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, major shareholder Ltd Naspers sold 11,900,000 shares of Remitly Global stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $22.89, for a total value of $272,391,000.00. Following the completion of the transaction, the insider owned 25,441,745 shares in the company, valued at $582,361,543.05. This trade represents a 31.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total transaction of $251,994.24. Following the sale, the chief executive officer owned 4,212,849 shares of the company's stock, valued at $72,798,030.72. This represents a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,041,833 shares of company stock valued at $275,390,023 over the last 90 days. Insiders own 7.50% of the company's stock.

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.