Baillie Gifford & Co. Boosts Stake in Remitly Global, Inc. (NASDAQ:RELY)

Baillie Gifford & Co. boosted its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 1.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,385,334 shares of the financial services provider's stock after acquiring an additional 150,602 shares during the quarter. Baillie Gifford & Co. owned 4.74% of Remitly Global worth $211,827,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its stake in Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock worth $53,000 after acquiring an additional 1,466 shares during the last quarter. Assetmark Inc. bought a new position in Remitly Global in the third quarter valued at $76,000. R Squared Ltd purchased a new stake in Remitly Global during the fourth quarter valued at about $89,000. FMR LLC raised its position in Remitly Global by 39.8% during the third 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, Wilmington Savings Fund Society FSB purchased a new stake in Remitly Global during the fourth quarter valued at about $135,000. 74.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of the business's stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the transaction, the insider now directly owns 3,873,811 shares in the company, valued at $79,877,982.82. The trade was a 0.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the transaction, the chief executive officer now owns 4,387,845 shares of the company's stock, valued at approximately $101,534,733.30. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,947 shares of company stock valued at $1,467,012. 8.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on RELY shares. The Goldman Sachs Group raised their price target on Remitly Global from $28.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday. Wells Fargo & Company raised their price target on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research report on Thursday. KeyCorp raised their price target on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. JMP Securities raised their price target on Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. lifted their price objective on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Remitly Global has a consensus rating of "Moderate Buy" and a consensus target price of $28.00.

Remitly Global Stock Down 0.5 %

Shares of RELY traded down $0.12 during trading hours on Thursday, hitting $25.79. The company had a trading volume of 5,906,707 shares, compared to its average volume of 1,776,027. The firm has a market cap of $5.11 billion, a P/E ratio of -73.69 and a beta of 0.07. The stock's 50 day moving average price is $23.58 and its 200 day moving average price is $18.60. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $27.32.

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 analysts' consensus estimates of ($0.07) by $0.04. The company had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. On average, research analysts expect that Remitly Global, Inc. will post -0.23 EPS for the current fiscal 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.