Charles Schwab Investment Management Inc. Grows Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Charles Schwab Investment Management Inc. boosted its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 2.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,246,582 shares of the financial services provider's stock after buying an additional 25,616 shares during the period. Charles Schwab Investment Management Inc. owned 0.63% of Remitly Global worth $28,135,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in RELY. Assetmark Inc. purchased a new stake in shares of Remitly Global in the third quarter valued at approximately $76,000. State of New Jersey Common Pension Fund D acquired a new position in Remitly Global during the third quarter worth $1,953,000. Pathstone Holdings LLC grew its holdings in Remitly Global by 2.1% in the 3rd quarter. Pathstone Holdings LLC now owns 355,713 shares of the financial services provider's stock valued at $4,763,000 after buying an additional 7,302 shares in the last quarter. Caprock Group LLC increased its stake in shares of Remitly Global by 7.7% in the 3rd quarter. Caprock Group LLC now owns 37,869 shares of the financial services provider's stock worth $507,000 after acquiring an additional 2,710 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its holdings 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 worth $53,000 after acquiring an additional 1,466 shares during the period. Institutional investors and hedge funds own 74.25% of the company's stock.

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Insider Transactions at Remitly Global

In related news, insider Ankur Sinha sold 5,000 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the completion of the transaction, the insider now owns 397,805 shares of the company's stock, valued at approximately $7,562,273.05. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 completion of the transaction, the chief executive officer now owns 4,358,679 shares in the company, valued at $109,882,297.59. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,749 shares of company stock valued at $1,081,736 in the last ninety days. Corporate insiders own 8.10% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on RELY shares. Barclays lifted their price target on shares of Remitly Global from $28.00 to $29.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. BMO Capital Markets lifted their target price on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. JPMorgan Chase & Co. boosted their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Finally, The Goldman Sachs Group increased their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $28.13.

Remitly Global Stock Down 1.3 %

Shares of NASDAQ RELY traded down $0.27 during mid-day trading on Friday, hitting $20.32. 1,038,786 shares of the company were exchanged, compared to its average volume of 1,768,303. The firm has a market cap of $4.08 billion, a price-to-earnings ratio of -106.92 and a beta of 0.07. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32. The stock has a 50 day simple moving average of $23.30 and a 200-day simple moving average of $19.71.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal 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.