XTX Topco Ltd Buys Shares of 24,897 Remitly Global, Inc. (NASDAQ:RELY)

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

A number of other institutional investors have also recently added to or reduced their stakes in RELY. Xponance Inc. grew its position in shares of Remitly Global by 4.8% during the first quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock worth $237,000 after acquiring an additional 518 shares during the last quarter. Comerica Bank lifted its position in Remitly Global by 2.1% in the 4th quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock valued at $577,000 after purchasing an additional 534 shares during the last quarter. Sei Investments Co. boosted its stake in Remitly Global by 4.8% during the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock valued at $313,000 after purchasing an additional 636 shares during the period. Summit Investment Advisors Inc. grew its position in Remitly Global by 4.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 15,617 shares of the financial services provider's stock worth $352,000 after purchasing an additional 717 shares during the last quarter. Finally, Bank of Montreal Can grew its position in 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 during the last quarter. 74.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on RELY shares. KeyCorp reaffirmed an "overweight" rating and set a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a report on Thursday. The Goldman Sachs Group lifted their target price on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Barclays boosted their price target on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Monness Crespi & Hardt increased their price target on Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, JMP Securities restated a "market outperform" rating and set a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to 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 traded up $0.05 during trading on Friday, reaching $19.00. The stock had a trading volume of 7,517,332 shares, compared to its average volume of 2,932,047. The stock has a 50 day moving average of $18.65 and a two-hundred day moving average of $20.90. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of 316.72 and a beta of 0.12. Remitly Global, Inc. has a 1-year low of $12.43 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.14). The firm had revenue of $411.85 million during 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 2.39%. The company's quarterly revenue was up 34.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.06) EPS. On average, research analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total value of $251,994.24. Following the transaction, the chief executive officer owned 4,212,849 shares of the company's stock, valued at $72,798,030.72. The trade was a 0.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Phillip John Riese sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total transaction of $101,700.00. Following the completion of the sale, the director owned 102,257 shares in the company, valued at $2,079,907.38. The trade was a 4.66% 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 worth $275,390,023 in the last ninety 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.