Nkcfo LLC Takes Position in Remitly Global, Inc. (NASDAQ:RELY)

Nkcfo LLC purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 32,000 shares of the financial services provider's stock, valued at approximately $722,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RELY. Massachusetts Financial Services Co. MA increased its stake in Remitly Global by 4.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider's stock valued at $48,980,000 after purchasing an additional 169,454 shares during the period. ArrowMark Colorado Holdings LLC increased its stake in Remitly Global by 13.8% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider's stock valued at $47,578,000 after purchasing an additional 431,987 shares during the period. Geode Capital Management LLC increased its stake in Remitly Global by 3.2% in the third quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider's stock valued at $46,601,000 after purchasing an additional 107,468 shares during the period. Principal Financial Group Inc. increased its stake in Remitly Global by 10,213.8% in the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock valued at $27,058,000 after purchasing an additional 2,001,198 shares during the period. Finally, Barclays PLC increased its stake in shares of Remitly Global by 19.2% during the third quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider's stock worth $18,858,000 after acquiring an additional 227,231 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the sale, the chief executive officer now owns 4,417,011 shares of the company's stock, valued at $92,138,849.46. This represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joshua Hug sold 22,198 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now directly owns 3,873,811 shares of the company's stock, valued at $79,877,982.82. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 65,947 shares of company stock valued at $1,467,012. Insiders own 8.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on RELY shares. JMP Securities boosted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a research note on Thursday, October 31st. Barclays boosted their price target on shares of Remitly Global from $23.00 to $28.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. KeyCorp boosted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. Finally, Wells Fargo & Company boosted their price target on shares of Remitly Global from $18.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 16th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $23.75.

Remitly Global Stock Performance

RELY stock traded down $0.56 during trading on Wednesday, reaching $25.91. 3,424,112 shares of the company were exchanged, compared to its average volume of 1,639,683. The company has a market cap of $5.13 billion, a P/E ratio of -74.03 and a beta of 0.07. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $27.32. The stock's 50 day moving average price is $23.49 and its 200 day moving average price is $18.55.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. As a group, equities research analysts forecast that Remitly Global, Inc. will post -0.23 EPS for the current year.

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.