Lead Edge Capital Management LLC Has $40.49 Million Stake in Remitly Global, Inc. (NASDAQ:RELY)

Lead Edge Capital Management LLC raised its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 68.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,794,100 shares of the financial services provider's stock after acquiring an additional 726,000 shares during the quarter. Remitly Global makes up 13.7% of Lead Edge Capital Management LLC's holdings, making the stock its 3rd biggest position. Lead Edge Capital Management LLC owned approximately 0.91% of Remitly Global worth $40,493,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC grew its stake in shares of Remitly Global by 39.8% during the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock worth $93,000 after acquiring an additional 1,970 shares during the period. Stifel Financial Corp boosted its holdings in Remitly Global by 168.4% in the 3rd quarter. Stifel Financial Corp now owns 51,756 shares of the financial services provider's stock worth $693,000 after buying an additional 32,473 shares during the period. Barclays PLC boosted its holdings 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 worth $18,858,000 after buying an additional 227,231 shares during the period. Geode Capital Management LLC grew its stake in Remitly Global by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider's stock valued at $46,601,000 after buying an additional 107,468 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in 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 valued at $27,058,000 after acquiring an additional 2,001,198 shares during the period. 74.25% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Ankur Sinha sold 5,000 shares of the firm'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 transaction, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business'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 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. In the last 90 days, insiders sold 54,166 shares of company stock valued at $1,133,685. Corporate insiders own 8.10% of the company's stock.

Remitly Global Stock Performance

RELY traded down $0.51 during trading on Monday, reaching $19.55. The stock had a trading volume of 1,375,767 shares, compared to its average volume of 1,986,803. The business has a 50-day moving average of $21.00 and a 200-day moving average of $21.02. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32. The stock has a market cap of $3.92 billion, a PE ratio of -102.89 and a beta of 0.15.

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 for the quarter, beating analysts' consensus estimates of ($0.07) by $0.04. The company had revenue of $351.90 million for the quarter, compared to analysts' expectations of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. Equities research analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Analyst Ratings Changes

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

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.