PDT Partners LLC Acquires Shares of 90,781 Remitly Global, Inc. (NASDAQ:RELY)

PDT Partners LLC purchased a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 90,781 shares of the financial services provider's stock, valued at approximately $2,049,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of RELY. Global Retirement Partners LLC acquired a new position in Remitly Global in the 4th quarter valued at approximately $28,000. R Squared Ltd acquired a new stake in Remitly Global in the fourth quarter valued at $89,000. Wilmington Savings Fund Society FSB bought a new position in Remitly Global during the 4th quarter worth $135,000. KBC Group NV lifted 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 buying an additional 2,033 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of Remitly Global in the 4th quarter valued at about $155,000. Institutional investors own 74.25% of the company's stock.

Remitly Global Stock Up 0.0 %

NASDAQ:RELY traded up $0.00 during trading hours on Monday, reaching $20.94. The company had a trading volume of 641,868 shares, compared to its average volume of 2,154,548. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.32. The firm has a market cap of $4.27 billion, a price-to-earnings ratio of -110.23 and a beta of 0.15. The business's 50-day simple moving average is $20.55 and its two-hundred day simple moving average is $21.25.

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

Insider Activity

In other news, insider Ankur Sinha sold 5,000 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, 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 SEC, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the completion of the transaction, the chief executive officer now owns 4,358,679 shares in the company, valued at $109,882,297.59. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,166 shares of company stock worth $1,133,685 over the last quarter. 8.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RELY. Barclays lifted their price objective on Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. William Blair reaffirmed an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. KeyCorp decreased their price objective on shares of Remitly Global from $33.00 to $24.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. BMO Capital Markets boosted their target price on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Finally, The Goldman Sachs Group cut their price target on shares of Remitly Global from $33.00 to $26.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average 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.