Arrowstreet Capital Limited Partnership Takes Position in Remitly Global, Inc. (NASDAQ:RELY)

Arrowstreet Capital Limited Partnership acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 341,146 shares of the financial services provider's stock, valued at approximately $7,700,000. Arrowstreet Capital Limited Partnership owned 0.17% of Remitly Global at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Remitly Global by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider's stock valued at $330,674,000 after purchasing an additional 380,159 shares during the last quarter. Baillie Gifford & Co. lifted its position in shares of Remitly Global by 1.6% during the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider's stock worth $211,827,000 after buying an additional 150,602 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Remitly Global by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider's stock worth $46,601,000 after buying an additional 107,468 shares during the last quarter. Norges Bank bought a new position in shares of Remitly Global in the fourth quarter valued at approximately $66,169,000. Finally, Principal Financial Group Inc. grew its holdings in shares of 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 acquiring an additional 2,001,198 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

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Remitly Global Stock Performance

RELY stock traded up $0.40 during midday trading on Friday, reaching $20.41. 1,647,453 shares of the company's stock traded hands, compared to its average volume of 1,948,823. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The company has a 50-day moving average price of $22.22 and a two-hundred day moving average price of $20.51. The firm has a market capitalization of $4.09 billion, a PE ratio of -107.42 and a beta of 0.15.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. As a group, analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RELY has been the topic of several research analyst reports. BMO Capital Markets boosted their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. The Goldman Sachs Group lowered their target price on Remitly Global from $33.00 to $26.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Wells Fargo & Company raised their price objective 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 report on Thursday, February 20th. Finally, JPMorgan Chase & Co. upped their price target on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $28.13.

Insider Transactions at Remitly Global

In related news, insider Ankur Sinha sold 5,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the sale, the insider now owns 397,805 shares in the company, valued at approximately $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global 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 sale, the chief executive officer now directly owns 4,358,679 shares of the company's stock, valued at $109,882,297.59. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 48,749 shares of company stock valued at $1,081,736. 8.10% of the stock is currently owned by corporate insiders.

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.