Cibc World Markets Corp Buys Shares of 13,970 Remitly Global, Inc. (NASDAQ:RELY)

Cibc World Markets Corp purchased a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 13,970 shares of the financial services provider's stock, valued at approximately $315,000.

Other large investors have also added to or reduced their stakes in the company. XTX Topco Ltd boosted its position in shares of Remitly Global by 4.0% during the 3rd quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider's stock valued at $194,000 after acquiring an additional 563 shares during the last quarter. Claro Advisors LLC lifted its position in Remitly Global by 5.2% during the fourth quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider's stock valued at $287,000 after purchasing an additional 629 shares during the last quarter. Values First Advisors Inc. grew its stake in shares of Remitly Global by 4.4% in the 4th quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider's stock worth $349,000 after buying an additional 653 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Remitly Global by 2.1% in the 4th quarter. Arizona State Retirement System now owns 42,453 shares of the financial services provider's stock worth $958,000 after buying an additional 886 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Remitly Global by 1.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider's stock worth $1,159,000 after buying an additional 1,170 shares during the last quarter. Institutional investors own 74.25% of the company's stock.

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Remitly Global Stock Performance

RELY stock traded up $0.18 during midday trading on Wednesday, reaching $21.20. The company's stock had a trading volume of 506,257 shares, compared to its average volume of 2,235,732. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The firm has a market capitalization of $4.25 billion, a price-to-earnings ratio of -111.55 and a beta of 0.07. The stock has a fifty day simple moving average of $23.19 and a two-hundred day simple moving average of $19.95.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping the consensus estimate 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 net margin of 2.93% and a negative return on equity of 6.10%. As a group, analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. The Goldman Sachs Group increased their price target on shares of Remitly Global from $28.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, February 20th. William Blair reaffirmed an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. BMO Capital Markets lifted their target price on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Wells Fargo & Company raised their price target on Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 20th. Finally, 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 research report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.13.

Insider Activity at Remitly Global

In related news, insider Ankur Sinha sold 5,000 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now directly owns 397,805 shares of the company's stock, valued at $7,562,273.05. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total transaction of $367,637.43. Following the transaction, the chief executive officer now directly owns 4,358,679 shares in the company, valued at $109,882,297.59. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,749 shares of company stock worth $1,081,736. Company insiders own 8.10% of the company's stock.

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.