Bridgewater Associates LP Invests $948,000 in Remitly Global, Inc. (NASDAQ:RELY)

Bridgewater Associates 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 Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 41,986 shares of the financial services provider's stock, valued at approximately $948,000.

Several other large investors also recently bought and sold shares of the company. Portolan Capital Management LLC grew its holdings in Remitly Global by 96.6% in the fourth quarter. Portolan Capital Management LLC now owns 694,242 shares of the financial services provider's stock valued at $15,669,000 after purchasing an additional 341,188 shares during the last quarter. Mariner LLC grew its holdings in Remitly Global by 29.6% in the fourth quarter. Mariner LLC now owns 104,825 shares of the financial services provider's stock valued at $2,366,000 after purchasing an additional 23,935 shares during the last quarter. Barclays PLC grew its holdings in Remitly Global by 3.6% in the fourth quarter. Barclays PLC now owns 1,459,305 shares of the financial services provider's stock valued at $32,935,000 after purchasing an additional 50,903 shares during the last quarter. Summit Investment Advisors Inc. grew its holdings in 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 last quarter. Finally, Townsquare Capital LLC acquired a new stake in Remitly Global in the fourth quarter valued at $416,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on RELY. Wells Fargo & Company increased their price objective on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. BMO Capital Markets increased their price objective on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. William Blair reissued an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. JMP Securities restated a "market outperform" rating and issued a $32.00 price objective on shares of Remitly Global in a report on Thursday, April 10th. Finally, The Goldman Sachs Group dropped their target price on Remitly Global from $33.00 to $26.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Remitly Global presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.50.

Remitly Global Stock Up 1.0 %

Remitly Global stock traded up $0.19 during trading hours on Thursday, hitting $19.82. 295,124 shares of the company traded hands, compared to its average volume of 1,970,862. The firm has a market cap of $3.98 billion, a P/E ratio of -103.90 and a beta of 0.15. The firm's 50-day simple moving average is $21.28 and its two-hundred day simple moving average is $20.81. 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 released its 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. The firm had revenue of $351.90 million for the quarter, compared to analysts' expectations of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. On average, equities research analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the completion of the sale, the chief executive officer now directly owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. This represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Ankur Sinha sold 5,000 shares of the stock in a transaction dated 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 sale, the insider now owns 397,805 shares of the company's stock, valued at approximately $7,562,273.05. The trade was 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 in the last quarter. 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.