Remitly Global, Inc. (NASDAQ:RELY) Shares Bought by Blue Trust Inc.

Blue Trust Inc. raised its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 661.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,135 shares of the financial services provider's stock after purchasing an additional 14,886 shares during the quarter. Blue Trust Inc.'s holdings in Remitly Global were worth $387,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its holdings in Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock worth $27,058,000 after buying an additional 2,001,198 shares in the last quarter. M&T Bank Corp purchased a new stake in shares of Remitly Global during the 3rd quarter worth about $693,000. Neo Ivy Capital Management acquired a new stake in shares of Remitly Global during the 3rd quarter valued at about $628,000. GSA Capital Partners LLP increased its stake in shares of Remitly Global by 30.2% in the 3rd quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider's stock valued at $3,517,000 after purchasing an additional 60,991 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in shares of Remitly Global by 250.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 83,207 shares of the financial services provider's stock valued at $1,114,000 after purchasing an additional 59,496 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on RELY shares. JMP Securities raised their price objective on Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a report on Thursday, October 31st. KeyCorp lifted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. Wells Fargo & Company upped their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. Finally, Barclays lifted their target price on shares of Remitly Global from $23.00 to $28.00 and gave the company an "overweight" rating in a research report on Monday. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.75.

Remitly Global Stock Performance

Shares of NASDAQ RELY traded up $1.20 during mid-day trading on Wednesday, reaching $25.41. The company's stock had a trading volume of 2,629,255 shares, compared to its average volume of 1,576,463. The stock has a market capitalization of $5.03 billion, a P/E ratio of -72.60 and a beta of 0.07. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $25.44. The stock has a 50-day moving average of $22.48 and a two-hundred day moving average of $17.68.

Insiders Place Their Bets

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total value of $337,450.62. Following the completion of the sale, the chief executive officer now directly owns 4,387,845 shares of the company's stock, valued at $101,534,733.30. This trade represents a 0.33 % 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 Joshua Hug sold 22,198 shares of the business's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the transaction, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,476 shares of company stock valued at $1,122,171 in the last ninety days. 8.10% of the stock is currently owned by corporate insiders.

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.