Remitly Global, Inc. (NASDAQ:RELY) Holdings Boosted by Wells Fargo & Company MN

Wells Fargo & Company MN boosted its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 53.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 70,777 shares of the financial services provider's stock after acquiring an additional 24,559 shares during the period. Wells Fargo & Company MN's holdings in Remitly Global were worth $1,597,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in RELY. Allspring Global Investments Holdings LLC acquired a new position in shares of Remitly Global in the 4th quarter worth approximately $1,228,000. DHK Financial Advisors Inc. purchased a new position in Remitly Global in the fourth quarter worth approximately $273,000. Robeco Institutional Asset Management B.V. grew its stake in shares of Remitly Global by 8.8% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider's stock worth $13,689,000 after purchasing an additional 49,200 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Remitly Global by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,246,582 shares of the financial services provider's stock worth $28,135,000 after acquiring an additional 25,616 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in Remitly Global in the fourth quarter valued at approximately $315,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the sale, the chief executive officer now directly owns 4,358,679 shares of the company's stock, valued at approximately $109,882,297.59. The trade was a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were 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 directly owns 397,805 shares in the company, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,166 shares of company stock valued at $1,133,685 over the last 90 days. Corporate insiders own 8.10% of the company's stock.

Remitly Global Stock Performance

Remitly Global stock traded up $0.25 during trading on Friday, hitting $20.52. The company's stock had a trading volume of 176,453 shares, compared to its average volume of 1,990,823. The stock's fifty day moving average is $20.62 and its 200 day moving average is $21.11. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32. The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of -108.07 and a beta of 0.15.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. On average, research analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on RELY. 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. Wells Fargo & Company boosted their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 20th. KeyCorp cut their price objective on Remitly Global from $33.00 to $24.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. The Goldman Sachs Group decreased their price target on Remitly Global from $33.00 to $26.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. increased their price objective 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 analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.50.

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.