Dynamic Technology Lab Private Ltd Makes New Investment in Remitly Global, Inc. (NASDAQ:RELY)

Dynamic Technology Lab Private Ltd bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 40,488 shares of the financial services provider's stock, valued at approximately $542,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RELY. Simplicity Wealth LLC increased its position in shares of Remitly Global by 11.7% during the 2nd quarter. Simplicity Wealth LLC now owns 11,756 shares of the financial services provider's stock worth $142,000 after purchasing an additional 1,228 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Remitly Global by 7.1% during the second quarter. Principal Financial Group Inc. now owns 19,593 shares of the financial services provider's stock valued at $237,000 after acquiring an additional 1,296 shares during the last quarter. Advisors Asset Management Inc. raised its stake in shares of Remitly Global by 409.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 1,344 shares during the period. Arizona State Retirement System lifted its holdings in shares of Remitly Global by 3.7% in the 2nd quarter. Arizona State Retirement System now owns 39,579 shares of the financial services provider's stock worth $480,000 after acquiring an additional 1,415 shares during the last quarter. Finally, Caprock Group LLC lifted its holdings 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. Institutional investors and hedge funds own 74.25% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on RELY. JPMorgan Chase & Co. boosted their target price on Remitly Global from $19.00 to $21.00 and gave the company an "overweight" rating in a research report on Tuesday, August 20th. Wells Fargo & Company upgraded Remitly Global from an "underweight" rating to an "equal weight" rating and boosted their price objective for the company from $13.00 to $18.00 in a report on Thursday, October 31st. KeyCorp raised their target price on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. JMP Securities boosted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a research note on Thursday, October 31st. Finally, Barclays raised their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday, November 18th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $22.75.

Insiders Place Their Bets

In related news, insider Joshua Hug sold 22,198 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the transaction, the insider now directly owns 3,873,811 shares of the company's stock, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the business's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the sale, the insider now directly owns 151,576 shares of the company's stock, valued at $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,429 shares of company stock valued at $1,131,011 in the last ninety days. Insiders own 8.10% of the company's stock.

Remitly Global Price Performance

Shares of Remitly Global stock traded down $0.27 on Friday, reaching $20.56. 735,993 shares of the company were exchanged, compared to its average volume of 1,732,485. The stock's 50 day moving average price is $16.52 and its 200-day moving average price is $14.45. The company has a market cap of $4.07 billion, a P/E ratio of -58.74 and a beta of 0.03. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $22.08.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.07. The company had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company's quarterly revenue was up 39.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.20) EPS. On average, research analysts predict that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal year.

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.