Townsquare Capital LLC Invests $416,000 in Remitly Global, Inc. (NASDAQ:RELY)

Townsquare Capital LLC purchased a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 18,444 shares of the financial services provider's stock, valued at approximately $416,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Renaissance Group LLC bought a new stake in Remitly Global in the fourth quarter valued at $4,632,000. Invesco Ltd. boosted its stake in Remitly Global by 13.0% during the 4th quarter. Invesco Ltd. now owns 111,612 shares of the financial services provider's stock valued at $2,519,000 after purchasing an additional 12,816 shares during the period. Bank of Montreal Can grew its position in Remitly Global by 3.6% in the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock worth $931,000 after purchasing an additional 1,435 shares during the last quarter. Russell Investments Group Ltd. grew its position in Remitly Global by 168.9% in the 4th quarter. Russell Investments Group Ltd. now owns 124,600 shares of the financial services provider's stock worth $2,812,000 after purchasing an additional 78,256 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of Remitly Global by 221.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 53,774 shares of the financial services provider's stock valued at $1,214,000 after purchasing an additional 37,046 shares during the period. Institutional investors and hedge funds own 74.25% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on RELY shares. Barclays increased their price objective on Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Wells Fargo & Company upped their price objective 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. JMP Securities reissued a "market outperform" rating and set a $32.00 target price on shares of Remitly Global in a research note on Thursday, April 10th. William Blair reaffirmed an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. boosted their target price on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $28.50.

Remitly Global Price Performance

Shares of NASDAQ:RELY traded down $0.20 on Friday, reaching $19.78. 284,197 shares of the company traded hands, compared to its average volume of 2,151,831. The stock has a market capitalization of $3.97 billion, a PE ratio of -104.07 and a beta of 0.15. The company's 50 day moving average is $21.13 and its 200-day moving average is $20.86. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results 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 business had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. As a group, analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.01, for a total transaction of $95,050.00. Following the completion of the sale, the insider now directly owns 397,805 shares in the company, valued at approximately $7,562,273.05. This trade represents a 1.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the completion of the transaction, the chief executive officer now owns 4,358,679 shares in the company, valued at $109,882,297.59. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,166 shares of company stock valued at $1,133,685 over the last ninety days. Corporate insiders own 8.10% of the company's stock.

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.