Northern Trust Corp Acquires 216,418 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Northern Trust Corp lifted its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 16.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,505,543 shares of the financial services provider's stock after acquiring an additional 216,418 shares during the period. Northern Trust Corp owned 0.76% of Remitly Global worth $33,980,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Global Retirement Partners LLC acquired a new position in Remitly Global in the fourth quarter worth about $28,000. R Squared Ltd acquired a new position in shares of Remitly Global during the fourth quarter valued at $89,000. Wilmington Savings Fund Society FSB bought a new position in shares of Remitly Global in the 4th quarter valued at about $135,000. KBC Group NV grew its holdings in Remitly Global by 49.7% during the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock worth $138,000 after acquiring an additional 2,033 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of Remitly Global during the fourth quarter worth $155,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Analysts Set New Price Targets

RELY has been the topic of several research analyst reports. Wells Fargo & Company raised their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. JMP Securities reaffirmed a "market outperform" rating and issued a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. JPMorgan Chase & Co. boosted their price target on shares of Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research report on Thursday, February 20th. The Goldman Sachs Group increased their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, KeyCorp lifted their target price on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $28.88.

Remitly Global Stock Performance

NASDAQ:RELY traded down $0.27 during mid-day trading on Tuesday, hitting $24.22. The stock had a trading volume of 2,276,131 shares, compared to its average volume of 2,006,881. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.32. The stock has a market cap of $4.94 billion, a price-to-earnings ratio of -127.47 and a beta of 0.16. The company's 50 day simple moving average is $20.47 and its 200 day simple moving average is $21.59.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.09. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company had revenue of $361.62 million during the quarter, compared to analysts' expectations of $347.81 million. The business's revenue was up 34.3% on a year-over-year basis. During the same period last year, the firm posted ($0.11) earnings per share. As a group, equities analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In other news, insider Ankur Sinha sold 5,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now directly owns 397,805 shares of the company's stock, valued at $7,562,273.05. This represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.31, for a total transaction of $281,597.73. Following the sale, the chief executive officer now directly owns 4,329,513 shares of the company's stock, valued at $83,602,896.03. The trade was a 0.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold 77,301 shares of company stock valued at $1,560,012 in the last quarter. 7.50% of the stock is currently owned by insiders.

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.