PDT Partners LLC Makes New Investment in Remitly Global, Inc. (NASDAQ:RELY)

PDT Partners LLC acquired a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 90,781 shares of the financial services provider's stock, valued at approximately $2,049,000.

Several other large investors also recently bought and sold shares of the company. Barclays PLC raised its stake in Remitly Global by 19.2% in the 3rd quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider's stock valued at $18,858,000 after purchasing an additional 227,231 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock worth $27,058,000 after purchasing an additional 2,001,198 shares during the period. Green Alpha Advisors LLC increased its position in shares of Remitly Global by 74.4% in the fourth quarter. Green Alpha Advisors LLC now owns 18,730 shares of the financial services provider's stock worth $423,000 after acquiring an additional 7,991 shares in the last quarter. Claro Advisors LLC increased its holdings in Remitly Global by 5.2% in the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider's stock valued at $287,000 after purchasing an additional 629 shares in the last quarter. Finally, Dakota Wealth Management purchased a new stake in shares of Remitly Global during the 4th quarter valued at about $269,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RELY. BMO Capital Markets boosted their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. KeyCorp reduced their price objective on shares of Remitly Global from $33.00 to $24.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Wells Fargo & Company boosted their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. increased 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. Finally, William Blair restated an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. One research 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 has an average rating of "Moderate Buy" and an average price target of $28.50.

Remitly Global Stock Up 3.3 %

RELY stock traded up $0.67 during midday trading on Friday, reaching $20.94. The company had a trading volume of 1,308,890 shares, compared to its average volume of 1,969,204. The stock has a 50 day moving average price of $20.55 and a 200 day moving average price of $21.20. The firm has a market capitalization of $4.27 billion, a PE ratio of -110.21 and a beta of 0.15. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Research analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Activity at Remitly Global

In other news, insider Ankur Sinha sold 5,000 shares of the business's stock in a transaction that occurred on Monday, March 17th. The stock was 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 directly owns 397,805 shares in the company, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.31, for a total value of $281,597.73. Following the completion of the sale, the chief executive officer now owns 4,329,513 shares in the company, valued at approximately $83,602,896.03. This represents a 0.34 % 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 in the last ninety days. 8.10% of the stock is owned by insiders.

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.