Edgestream Partners L.P. Makes New $637,000 Investment in Remitly Global, Inc. (NASDAQ:RELY)

Edgestream Partners L.P. acquired a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 47,537 shares of the financial services provider's stock, valued at approximately $637,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Blue Trust Inc. bought a new position in shares of Remitly Global in the second quarter valued at approximately $43,000. Advisors Asset Management Inc. grew its position in shares of Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 1,466 shares in the last quarter. Assetmark Inc. bought a new position in shares of Remitly Global in the third quarter worth $76,000. FMR LLC raised its position in shares of 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 buying an additional 1,970 shares in the last quarter. Finally, nVerses Capital LLC boosted its stake in Remitly Global by 2,900.0% during the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider's stock valued at $109,000 after buying an additional 8,700 shares during the period. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the transaction, the chief executive officer now directly owns 4,542,613 shares in the company, valued at $64,595,956.86. This trade represents a 0.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the transaction, the insider now owns 151,576 shares of the company's stock, valued at $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,429 shares of company stock worth $1,131,011. 8.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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

Remitly Global Trading Up 0.6 %

RELY stock traded up $0.13 during midday trading on Friday, hitting $20.93. The company had a trading volume of 723,357 shares, compared to its average volume of 1,720,516. The stock has a market cap of $4.15 billion, a price-to-earnings ratio of -59.54 and a beta of 0.10. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $22.08. The stock's 50 day moving average price is $17.08 and its 200 day moving average price is $14.63.

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