Barclays PLC Raises Stock Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Barclays PLC raised its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 19.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,408,402 shares of the financial services provider's stock after buying an additional 227,231 shares during the quarter. Barclays PLC owned about 0.71% of Remitly Global worth $18,858,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. purchased a new position in shares of Remitly Global in the 2nd quarter valued at approximately $43,000. Advisors Asset Management Inc. raised its holdings in shares of Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock worth $53,000 after buying an additional 1,466 shares during the last quarter. Assetmark Inc. purchased a new position in shares of Remitly Global in the third quarter worth $76,000. FMR LLC lifted its stake in shares of Remitly Global by 39.8% during 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 during the period. Finally, nVerses Capital LLC grew its holdings in shares of 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 last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Stock Performance

NASDAQ RELY traded down $0.62 during mid-day trading on Friday, reaching $20.74. 1,249,914 shares of the stock were exchanged, compared to its average volume of 1,345,718. The business's 50 day moving average is $18.02 and its 200-day moving average is $14.96. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $22.08. The company has a market capitalization of $4.11 billion, a P/E ratio of -59.26 and a beta of 0.10.

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

Insider Activity

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the business's 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 completion of the transaction, the insider now owns 151,576 shares in the company, valued at $3,031,520. The trade was a 2.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Joshua Hug sold 22,198 shares of the firm's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares in the company, valued at $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 82,012 shares of company stock worth $1,435,212. Corporate insiders own 8.10% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on RELY. Barclays lifted their price target on 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 lifted their target price on Remitly Global from $23.00 to $24.00 and gave the stock an "outperform" rating in a report on Wednesday, September 18th. JPMorgan Chase & Co. upped their target price on Remitly Global from $19.00 to $21.00 and gave the company an "overweight" rating in a research report on Tuesday, August 20th. JMP Securities lifted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a research note on Thursday, October 31st. Finally, Wells Fargo & Company upgraded shares of Remitly Global from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $13.00 to $18.00 in a research note on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Remitly Global has a consensus rating of "Moderate Buy" and an average target price of $22.75.

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.