Proficio Capital Partners LLC Makes New $315,000 Investment in Remitly Global, Inc. (NASDAQ:RELY)

Proficio Capital Partners LLC purchased a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 13,948 shares of the financial services provider's stock, valued at approximately $315,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RELY. Global Retirement Partners LLC acquired a new position in Remitly Global during the 4th quarter worth $28,000. Advisors Asset Management Inc. lifted its stake in shares of Remitly Global by 58.7% during the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 1,466 shares during the period. R Squared Ltd bought a new position in Remitly Global in the fourth quarter valued at about $89,000. FMR LLC increased its position in Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock worth $93,000 after purchasing an additional 1,970 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new stake in Remitly Global during the 4th quarter worth about $135,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Price Performance

NASDAQ RELY traded down $0.26 on Friday, reaching $20.93. The company had a trading volume of 2,021,354 shares, compared to its average volume of 1,912,432. The business has a 50 day moving average of $23.07 and a two-hundred day moving average of $20.06. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The firm has a market cap of $4.20 billion, a price-to-earnings ratio of -110.16 and a beta of 0.07.

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Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping 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 business had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. As a group, research analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RELY shares. BMO Capital Markets raised their target price 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. Wells Fargo & Company lifted their target price 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. William Blair reissued an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. JPMorgan Chase & Co. lifted their price objective on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. Finally, The Goldman Sachs Group increased their target price on Remitly Global from $28.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, February 20th. One equities research 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, Remitly Global has a consensus rating of "Moderate Buy" and a consensus target price of $28.13.

Insiders Place Their Bets

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the sale, the chief executive officer now owns 4,387,845 shares in the company, valued at approximately $101,534,733.30. The trade was a 0.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ankur Sinha sold 5,000 shares of the firm's 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 completion of the transaction, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,749 shares of company stock worth $1,081,736. 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.