Remitly Global, Inc. (NASDAQ:RELY) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC lifted its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 1.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,528,947 shares of the financial services provider's stock after buying an additional 49,281 shares during the quarter. Geode Capital Management LLC owned approximately 1.78% of Remitly Global worth $79,666,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in RELY. Vanguard Group Inc. grew its holdings in Remitly Global by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider's stock worth $330,674,000 after acquiring an additional 380,159 shares in the last quarter. Baillie Gifford & Co. raised its holdings in shares of Remitly Global by 1.6% in the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider's stock valued at $211,827,000 after purchasing an additional 150,602 shares in the last quarter. Norges Bank purchased a new stake in shares of Remitly Global in the 4th quarter worth approximately $66,169,000. Principal Financial Group Inc. boosted its stake in shares of Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock valued at $27,058,000 after purchasing an additional 2,001,198 shares in the last quarter. Finally, Barclays PLC increased its holdings in Remitly Global by 19.2% during the third quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider's stock valued at $18,858,000 after buying an additional 227,231 shares during the period. 74.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RELY has been the topic of several recent research reports. JMP Securities reaffirmed a "market outperform" rating and set a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. BMO Capital Markets upped their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Wells Fargo & Company lifted their target price on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. raised their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. 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 presently has an average rating of "Moderate Buy" and an average target price of $28.13.

Insider Activity at Remitly Global

In other news, insider Ankur Sinha sold 5,000 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the sale, the insider now owns 397,805 shares in the company, valued at $7,562,273.05. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the transaction, the chief executive officer now directly owns 4,358,679 shares of the company's stock, valued at approximately $109,882,297.59. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 48,749 shares of company stock valued at $1,081,736 in the last ninety days. Company insiders own 8.10% of the company's stock.

Remitly Global Trading Down 1.3 %

Shares of RELY stock traded down $0.25 during trading hours on Thursday, reaching $19.59. 282,840 shares of the company's stock were exchanged, compared to its average volume of 1,943,875. The stock has a market cap of $3.93 billion, a PE ratio of -103.21 and a beta of 0.15. The stock's fifty day moving average price is $21.90 and its two-hundred day moving average price is $20.59. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.04. The business had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. On average, equities analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

About Remitly Global

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.