Voleon Capital Management LP Purchases Shares of 80,071 Remitly Global, Inc. (NASDAQ:RELY)

Voleon Capital Management LP purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 80,071 shares of the financial services provider's stock, valued at approximately $1,807,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. PDT Partners LLC purchased a new stake in Remitly Global during the 4th quarter valued at approximately $2,049,000. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Remitly Global by 58.3% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 63,800 shares of the financial services provider's stock valued at $1,440,000 after acquiring an additional 23,497 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of 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 valued at $6,272,000 after acquiring an additional 214,547 shares in the last quarter. Northern Trust Corp lifted its holdings in Remitly Global by 16.8% during the 4th quarter. Northern Trust Corp now owns 1,505,543 shares of the financial services provider's stock worth $33,980,000 after buying an additional 216,418 shares during the last quarter. Finally, Tudor Investment Corp ET AL boosted its stake in Remitly Global by 1,082.2% in the fourth quarter. Tudor Investment Corp ET AL now owns 305,521 shares of the financial services provider's stock valued at $6,896,000 after acquiring an additional 279,677 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Price Performance

NASDAQ:RELY traded up $0.27 during trading hours on Tuesday, reaching $21.26. 517,763 shares of the company were exchanged, compared to its average volume of 1,968,604. The company has a market capitalization of $4.33 billion, a P/E ratio of -111.74 and a beta of 0.16. The business has a 50 day moving average of $20.50 and a 200 day moving average of $21.29. 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 results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping 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 company had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. As a group, equities research analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Remitly Global news, insider Joshua Hug sold 10,000 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $19.23, for a total transaction of $192,300.00. Following the transaction, the insider now directly owns 3,813,811 shares in the company, valued at approximately $73,339,585.53. This represents a 0.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction 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 owns 4,358,679 shares of the company's stock, valued at $109,882,297.59. This represents a 0.33 % 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 worth $1,133,685. 8.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. BMO Capital Markets increased their target price on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. lifted their target price on shares of Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. Wells Fargo & Company increased their price target on shares of Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. Finally, Barclays raised their target price on Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $28.50.

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.