Voleon Capital Management LP Makes New Investment in Remitly Global, Inc. (NASDAQ:RELY)

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

A number of other institutional investors and hedge funds have also made changes to their positions in RELY. Claro Advisors LLC boosted its stake in shares of Remitly Global by 5.2% in the fourth quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider's stock valued at $287,000 after buying an additional 629 shares in the last quarter. Sei Investments Co. grew its stake in shares of Remitly Global by 4.8% during the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock worth $313,000 after purchasing an additional 636 shares during the period. Values First Advisors Inc. increased its holdings in shares of Remitly Global by 4.4% in the 4th quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider's stock valued at $349,000 after purchasing an additional 653 shares in the last quarter. Summit Investment Advisors Inc. lifted its stake in shares of Remitly Global by 4.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 15,617 shares of the financial services provider's stock valued at $352,000 after purchasing an additional 717 shares during the period. Finally, Arizona State Retirement System grew its position in Remitly Global by 2.1% during the fourth quarter. Arizona State Retirement System now owns 42,453 shares of the financial services provider's stock worth $958,000 after buying an additional 886 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Remitly Global

In related news, insider Joshua Hug sold 10,000 shares of Remitly Global stock in a transaction on Monday, April 21st. The shares were sold at an average price of $19.23, for a total transaction of $192,300.00. Following the sale, the insider now owns 3,813,811 shares of the company's stock, valued at $73,339,585.53. The trade was a 0.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ankur Sinha sold 5,000 shares of the business's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the transaction, the insider now 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 disclosure for this sale can be found here. Insiders have sold 54,166 shares of company stock valued at $1,133,685 over the last three months. 8.10% of the stock is owned by company insiders.

Remitly Global Price Performance

RELY stock traded up $0.05 during trading on Monday, reaching $20.99. 3,193,536 shares of the stock traded hands, compared to its average volume of 1,974,102. The business's 50 day moving average price is $20.55 and its 200-day moving average price is $21.25. The firm has a market capitalization of $4.28 billion, a PE ratio of -110.47 and a beta of 0.15. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $343.67 million. On average, equities research analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on RELY shares. Barclays boosted their price target on Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Wells Fargo & Company lifted their price target on Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 20th. JMP Securities reissued a "market outperform" rating and issued a $32.00 price objective on shares of Remitly Global in a research note on Thursday, April 10th. William Blair restated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. boosted 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. 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, Remitly Global presently has an average rating of "Moderate Buy" and an average target price 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.