Connor Clark & Lunn Investment Management Ltd. Purchases 557,168 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 110.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,060,634 shares of the financial services provider's stock after acquiring an additional 557,168 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.54% of Remitly Global worth $23,939,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Baillie Gifford & Co. lifted its position in shares of Remitly Global by 1.6% during the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider's stock valued at $211,827,000 after acquiring an additional 150,602 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Remitly Global by 4.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider's stock worth $48,980,000 after buying an additional 169,454 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its holdings in Remitly Global by 13.8% during the third quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider's stock worth $47,578,000 after buying an additional 431,987 shares during the last quarter. Geode Capital Management LLC raised its holdings in Remitly Global by 3.2% during the third quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider's stock worth $46,601,000 after buying an additional 107,468 shares during the last quarter. Finally, Principal Financial Group Inc. raised 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 during the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

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Remitly Global Stock Up 0.7 %

RELY traded up $0.13 during trading on Friday, hitting $19.90. 3,504,971 shares of the company traded hands, compared to its average volume of 1,742,610. The firm has a market cap of $3.99 billion, a P/E ratio of -104.74 and a beta of 0.07. The stock's fifty day moving average is $23.55 and its 200 day moving average is $19.62. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32.

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. BMO Capital Markets upped their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. William Blair restated an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. Barclays upped their price objective on shares of Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. The Goldman Sachs Group increased their target price 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. Finally, Wells Fargo & Company increased their target price on shares of Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.13.

Insiders Place Their Bets

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were 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 in the company, valued at $101,534,733.30. This trade represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 8.10% of the company's stock.

Remitly Global Company 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.