Connor Clark & Lunn Investment Management Ltd. Increases Stock Holdings in Remitly Global, Inc. (NASDAQ:RELY)

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

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Global Retirement Partners LLC bought a new stake in Remitly Global in the 4th quarter valued at about $28,000. Advisors Asset Management Inc. raised its stake in Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 1,466 shares during the period. Assetmark Inc. bought a new stake in Remitly Global in the 3rd quarter valued at about $76,000. R Squared Ltd bought a new stake in Remitly Global in the 4th quarter valued at about $89,000. Finally, FMR LLC raised its stake in Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock valued at $93,000 after acquiring an additional 1,970 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RELY. BMO Capital Markets upped their price target on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. Wells Fargo & Company upped their price target on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. Barclays upped their price target on Remitly Global from $28.00 to $29.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Finally, The Goldman Sachs Group upped their price target on Remitly Global from $28.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $28.13.

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Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the sale, the chief executive officer now owns 4,387,845 shares of the company's stock, valued at approximately $101,534,733.30. This represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.10% of the stock is owned by insiders.

Remitly Global Stock Up 0.7 %

Shares of RELY stock traded up $0.13 during trading on Friday, hitting $19.90. The company had a trading volume of 3,504,971 shares, compared to its average volume of 1,741,994. The stock's 50-day moving average is $23.55 and its two-hundred day moving average is $19.53. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of -104.74 and a beta of 0.07. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $351.90 million for the quarter, compared to analysts' expectations 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, research analysts predict that Remitly Global, Inc. will post -0.04 EPS 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.