Y Intercept Hong Kong Ltd Takes Position in Remitly Global, Inc. (NASDAQ:RELY)

Y Intercept Hong Kong Ltd bought a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 67,726 shares of the financial services provider's stock, valued at approximately $1,409,000.

Several other institutional investors also recently made changes to their positions in the stock. Stifel Financial Corp boosted its position in Remitly Global by 10.4% during the 4th quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock valued at $1,290,000 after purchasing an additional 5,390 shares during the period. Teacher Retirement System of Texas bought a new stake in Remitly Global in the first quarter valued at $1,231,000. Bank of Montreal Can lifted its stake in Remitly Global by 3.6% in the fourth quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after buying an additional 1,435 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Remitly Global by 53.1% during the fourth quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider's stock valued at $1,597,000 after acquiring an additional 24,559 shares during the period. Finally, KBC Group NV grew its position 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 worth $165,000 after acquiring an additional 1,823 shares during the last quarter. 74.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on RELY shares. Barclays lifted 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. Monness Crespi & Hardt lifted their target price on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. KeyCorp increased their price target on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. JMP Securities reissued a "market outperform" rating and set a $32.00 price target on shares of Remitly Global in a report on Thursday, April 10th. Finally, The Goldman Sachs Group upped their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Remitly Global has an average rating of "Moderate Buy" and a consensus price target of $28.88.

Insider Transactions at Remitly Global

In related news, CAO Luke Tavis sold 2,920 shares of Remitly Global stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $21.15, for a total transaction of $61,758.00. Following the completion of the transaction, the chief accounting officer directly owned 1,208 shares of the company's stock, valued at $25,549.20. This trade represents a 70.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joshua Hug sold 20,000 shares of Remitly Global stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $21.07, for a total value of $421,400.00. Following the completion of the transaction, the director directly owned 3,713,811 shares of the company's stock, valued at $78,249,997.77. This represents a 0.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,079,551 shares of company stock valued at $276,183,987. 7.50% of the stock is owned by insiders.

Remitly Global Stock Performance

Shares of NASDAQ:RELY traded down $0.18 during midday trading on Friday, hitting $16.98. The company's stock had a trading volume of 3,382,295 shares, compared to its average volume of 3,579,418. The stock has a market capitalization of $3.46 billion, a price-to-earnings ratio of -566.00 and a beta of 0.13. The stock's 50 day simple moving average is $19.62 and its 200 day simple moving average is $21.27. Remitly Global, Inc. has a fifty-two week low of $12.43 and a fifty-two week high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.09. The business had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative return on equity of 0.70% and a negative net margin of 0.34%. Remitly Global's revenue was up 34.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.11) earnings per share. As a group, analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

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.