Envestnet Asset Management Inc. Boosts Position in Remitly Global, Inc. (NASDAQ:RELY)

Envestnet Asset Management Inc. increased its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 221.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 53,774 shares of the financial services provider's stock after acquiring an additional 37,046 shares during the period. Envestnet Asset Management Inc.'s holdings in Remitly Global were worth $1,214,000 as of its most recent filing with the SEC.

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

Remitly Global Price Performance

Shares of RELY traded up $0.21 during trading hours on Tuesday, hitting $21.20. The stock had a trading volume of 2,010,150 shares, compared to its average volume of 1,973,326. The firm has a 50 day simple moving average of $20.50 and a 200-day simple moving average of $21.29. The firm has a market capitalization of $4.32 billion, a P/E ratio of -111.58 and a beta of 0.16. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year 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) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The firm had revenue of $351.90 million during the quarter, compared to analysts' expectations of $343.67 million. Equities analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In related news, insider Joshua Hug sold 10,000 shares of Remitly Global stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $19.71, for a total value of $197,100.00. Following the completion of the sale, the insider now owns 3,823,811 shares of the company's stock, valued at approximately $75,367,314.81. This trade represents a 0.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business'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 transaction of $367,637.43. Following the completion of the sale, the chief executive officer now directly owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,166 shares of company stock worth $1,133,685. Corporate insiders own 8.10% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. BMO Capital Markets increased their target price on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. JMP Securities reissued a "market outperform" rating and set a $32.00 target price on shares of Remitly Global in a report on Thursday, April 10th. Wells Fargo & Company increased their price objective on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. Finally, The Goldman Sachs Group cut their target price on Remitly Global from $33.00 to $26.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, Remitly Global presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.50.

Remitly Global 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.