Lord Abbett & CO. LLC Acquires Shares of 855,637 Remitly Global, Inc. (NASDAQ:RELY)

Lord Abbett & CO. LLC purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 855,637 shares of the financial services provider's stock, valued at approximately $19,312,000. Lord Abbett & CO. LLC owned about 0.43% of Remitly Global as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in RELY. Claro Advisors LLC increased its holdings in shares of Remitly Global by 5.2% during the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider's stock worth $287,000 after acquiring an additional 629 shares during the last quarter. Sei Investments Co. lifted its position in Remitly Global by 4.8% during the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock worth $313,000 after purchasing an additional 636 shares during the period. Values First Advisors Inc. raised its holdings in shares of Remitly Global by 4.4% during the 4th quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider's stock worth $349,000 after buying an additional 653 shares in the last quarter. Summit Investment Advisors Inc. lifted its holdings in shares of Remitly Global by 4.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 15,617 shares of the financial services provider's stock worth $352,000 after acquiring an additional 717 shares during the last quarter. Finally, Arizona State Retirement System increased its position in Remitly Global by 2.1% during the 4th quarter. Arizona State Retirement System now owns 42,453 shares of the financial services provider's stock worth $958,000 after purchasing an additional 886 shares in the last quarter. Institutional investors own 74.25% of the company's stock.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the sale, the chief executive officer now directly owns 4,358,679 shares in the company, valued at $109,882,297.59. This represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Ankur Sinha sold 5,000 shares of the firm's stock in a transaction that occurred 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 transaction, the insider now owns 397,805 shares of the company's stock, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,166 shares of company stock worth $1,133,685 over the last ninety days. 8.10% of the stock is currently owned by company insiders.

Remitly Global Price Performance

Shares of RELY stock traded up $0.58 on Friday, hitting $20.85. The stock had a trading volume of 597,237 shares, compared to its average volume of 1,992,625. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $27.32. The stock has a market cap of $4.25 billion, a price-to-earnings ratio of -109.75 and a beta of 0.15. The business has a 50 day moving average of $20.62 and a 200 day moving average of $21.11.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. As a group, research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on RELY shares. Barclays boosted their price target on Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. KeyCorp cut their target price on Remitly Global from $33.00 to $24.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. boosted their price target on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. Finally, Wells Fargo & Company raised 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. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.50.

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.