Neo Ivy Capital Management Purchases New Stake in Remitly Global, Inc. (NASDAQ:RELY)

Neo Ivy Capital Management acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 46,854 shares of the financial services provider's stock, valued at approximately $628,000.

Other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. bought a new stake in shares of Remitly Global during the 2nd quarter worth approximately $43,000. Advisors Asset Management Inc. lifted its stake in 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 worth $53,000 after purchasing an additional 1,466 shares during the last quarter. Assetmark Inc. acquired a new stake in shares of Remitly Global in the 3rd quarter valued at $76,000. FMR LLC boosted its holdings in shares of Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock valued at $93,000 after purchasing an additional 1,970 shares in the last quarter. Finally, nVerses Capital LLC increased its stake in shares of Remitly Global by 2,900.0% in the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider's stock valued at $109,000 after purchasing an additional 8,700 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Wells Fargo & Company raised Remitly Global from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. JPMorgan Chase & Co. raised their price target on shares of Remitly Global from $19.00 to $21.00 and gave the company an "overweight" rating in a research note on Tuesday, August 20th. Barclays upped their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, November 18th. BMO Capital Markets raised their target price on shares of Remitly Global from $23.00 to $24.00 and gave the company an "outperform" rating in a research report on Wednesday, September 18th. Finally, JMP Securities upped their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $22.75.

Insider Transactions at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the sale, the chief executive officer now directly owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. This trade represents a 0.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now directly owns 151,576 shares of the company's stock, valued at approximately $3,031,520. This trade represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 82,012 shares of company stock worth $1,435,212 over the last ninety days. 8.10% of the stock is owned by insiders.

Remitly Global Stock Down 1.7 %

NASDAQ RELY traded down $0.36 on Thursday, hitting $21.36. The company's stock had a trading volume of 696,338 shares, compared to its average volume of 1,721,712. The firm has a market cap of $4.23 billion, a PE ratio of -61.03 and a beta of 0.10. The company's 50-day moving average is $17.87 and its 200 day moving average is $14.89. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $22.08.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating analysts' consensus estimates of ($0.06) by $0.07. The business had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. Remitly Global's quarterly revenue was up 39.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.20) earnings per share. On average, equities analysts expect that Remitly Global, Inc. will post -0.23 EPS for the current year.

About Remitly Global

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.