Remitly Global, Inc. (NASDAQ:RELY) Shares Bought by Deutsche Bank AG

Deutsche Bank AG lifted its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 13.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,968,918 shares of the financial services provider's stock after buying an additional 239,440 shares during the quarter. Deutsche Bank AG owned approximately 0.99% of Remitly Global worth $44,438,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Remitly Global during the 4th quarter worth approximately $66,169,000. Principal Financial Group Inc. increased its stake in Remitly Global by 10,213.8% in 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 buying an additional 2,001,198 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Remitly Global by 1,032.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider's stock valued at $31,614,000 after purchasing an additional 1,276,991 shares during the period. ArrowMark Colorado Holdings LLC grew its holdings in shares of Remitly Global by 34.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock worth $107,751,000 after purchasing an additional 1,220,806 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in Remitly Global by 146.4% during the fourth quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider's stock valued at $35,456,000 after buying an additional 933,253 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on RELY shares. JMP Securities reissued a "market outperform" rating and issued a $32.00 target price on shares of Remitly Global in a report on Thursday, April 10th. BMO Capital Markets raised their target price on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. boosted their price objective on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. Monness Crespi & Hardt lifted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Finally, Wells Fargo & Company boosted their price target on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $28.88.

Remitly Global Stock Down 1.9%

Shares of NASDAQ:RELY traded down $0.44 during trading on Monday, reaching $22.35. 309,292 shares of the company's stock traded hands, compared to its average volume of 2,009,631. The company has a 50-day simple moving average of $20.66 and a 200-day simple moving average of $21.79. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The firm has a market cap of $4.56 billion, a PE ratio of -118.26 and a beta of 0.16.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The firm had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. During the same period in the previous year, the firm earned ($0.11) earnings per share. Remitly Global's revenue was up 34.3% compared to the same quarter last year. On average, equities research analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Buying and Selling

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction on Monday, March 17th. The shares were 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 of the company's stock, valued at $7,562,273.05. The trade was 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 firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.31, for a total value of $281,597.73. Following the transaction, the chief executive officer now directly 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 sold 11,977,301 shares of company stock worth $273,951,012 in the last quarter. 7.50% of the stock is owned by corporate insiders.

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.