Schonfeld Strategic Advisors LLC Buys 23,497 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Schonfeld Strategic Advisors LLC grew its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 58.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 63,800 shares of the financial services provider's stock after buying an additional 23,497 shares during the period. Schonfeld Strategic Advisors LLC's holdings in Remitly Global were worth $1,440,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its stake in Remitly Global by 338.7% during the fourth quarter. AQR Capital Management LLC now owns 277,889 shares of the financial services provider's stock worth $6,272,000 after acquiring an additional 214,547 shares during the last quarter. Northern Trust Corp boosted its holdings in Remitly Global by 16.8% in the fourth quarter. Northern Trust Corp now owns 1,505,543 shares of the financial services provider's stock worth $33,980,000 after purchasing an additional 216,418 shares during the period. Tudor Investment Corp ET AL raised its position in shares of Remitly Global by 1,082.2% during the 4th quarter. Tudor Investment Corp ET AL now owns 305,521 shares of the financial services provider's stock worth $6,896,000 after purchasing an additional 279,677 shares during the period. Gilder Gagnon Howe & Co. LLC raised its holdings in shares of Remitly Global by 25.9% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 51,721 shares of the financial services provider's stock valued at $1,167,000 after buying an additional 10,625 shares during the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in Remitly Global in the fourth quarter worth about $19,312,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Monness Crespi & Hardt upped their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday. JMP Securities restated a "market outperform" rating and issued a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th. The Goldman Sachs Group increased their target price on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. Finally, BMO Capital Markets raised their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" 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 company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.13.

Insider Buying and Selling

In related news, insider Ankur Sinha sold 5,000 shares of the 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 owns 397,805 shares of the company's stock, valued at approximately $7,562,273.05. This trade represents a 1.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.31, for a total transaction of $281,597.73. Following the sale, the chief executive officer now directly 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 77,301 shares of company stock valued at $1,560,012. 7.50% of the stock is owned by insiders.

Remitly Global Stock Performance

Shares of NASDAQ RELY traded up $0.50 during midday trading on Monday, reaching $24.35. The stock had a trading volume of 788,370 shares, compared to its average volume of 1,993,787. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.32. The company's 50 day moving average price is $20.42 and its 200 day moving average price is $21.52. The firm has a market cap of $4.96 billion, a price-to-earnings ratio of -128.03 and a beta of 0.16.

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

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.