Price T Rowe Associates Inc. MD Buys 1,276,991 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Price T Rowe Associates Inc. MD raised its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 1,032.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,400,682 shares of the financial services provider's stock after purchasing an additional 1,276,991 shares during the period. Price T Rowe Associates Inc. MD owned approximately 0.71% of Remitly Global worth $31,614,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Global Retirement Partners LLC bought a new position in Remitly Global during the fourth quarter worth about $28,000. R Squared Ltd acquired a new stake in Remitly Global in the 4th quarter valued at $89,000. Wilmington Savings Fund Society FSB bought a new stake in Remitly Global in the fourth quarter valued at $135,000. KBC Group NV raised its stake in Remitly Global by 49.7% during the fourth 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 in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Remitly Global during the fourth quarter valued at $155,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RELY has been the subject of a number of recent analyst reports. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. KeyCorp cut their target price on shares of Remitly Global from $33.00 to $24.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Barclays increased their price target on Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. BMO Capital Markets boosted 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. 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 investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Remitly Global has a consensus rating of "Moderate Buy" and a consensus price target of $28.50.

Insider Buying and Selling at Remitly Global

In other news, insider Joshua Hug sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $19.71, for a total value of $197,100.00. Following the sale, the insider now directly owns 3,823,811 shares in the company, valued at approximately $75,367,314.81. This trade represents a 0.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business'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 sale, the chief executive officer now directly owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,166 shares of company stock valued at $1,133,685 in the last three months. Corporate insiders own 8.10% of the company's stock.

Remitly Global Stock Performance

RELY traded up $0.02 during trading hours on Tuesday, reaching $21.01. The company's stock had a trading volume of 302,055 shares, compared to its average volume of 1,967,600. The company's 50-day moving average is $20.55 and its 200-day moving average is $21.25. The firm has a market cap of $4.28 billion, a PE ratio of -110.71 and a beta of 0.16. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 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, beating 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 for the quarter, compared to analyst estimates of $343.67 million. Equities analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

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.