Edgestream Partners L.P. Cuts Position in Remitly Global, Inc. (NASDAQ:RELY)

Edgestream Partners L.P. trimmed its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 33.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,634 shares of the financial services provider's stock after selling 15,903 shares during the quarter. Edgestream Partners L.P.'s holdings in Remitly Global were worth $714,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in RELY. Principal Financial Group Inc. boosted its holdings in Remitly Global by 10,213.8% in 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 acquiring an additional 2,001,198 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in shares of 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 valued at $47,578,000 after purchasing an additional 431,987 shares in the last quarter. Lisanti Capital Growth LLC bought a new position in shares of Remitly Global during the fourth quarter valued at $6,324,000. Barclays PLC lifted its holdings in shares of Remitly Global by 19.2% during the third quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider's stock valued at $18,858,000 after purchasing an additional 227,231 shares in the last quarter. Finally, Portolan Capital Management LLC lifted its holdings in shares of Remitly Global by 96.3% during the third quarter. Portolan Capital Management LLC now owns 353,054 shares of the financial services provider's stock valued at $4,727,000 after purchasing an additional 173,162 shares in the last quarter. 74.25% of the stock is owned by institutional investors.

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Remitly Global Stock Up 0.7 %

RELY traded up $0.13 during midday trading on Friday, reaching $19.90. The company had a trading volume of 3,504,971 shares, compared to its average volume of 1,742,610. The business has a 50-day moving average of $23.55 and a two-hundred day moving average of $19.58. The company has a market cap of $3.99 billion, a P/E ratio of -104.74 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.

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

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the sale, the chief executive officer now owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. This trade 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 currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Barclays upped their price target on Remitly Global from $28.00 to $29.00 and gave the company an "overweight" rating in a report on Monday, February 24th. 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 report on Thursday, February 20th. BMO Capital Markets increased their target price on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. William Blair reissued an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. Finally, The Goldman Sachs Group increased their target price on Remitly Global from $28.00 to $33.00 and gave the company a "buy" 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 stock. According to MarketBeat, Remitly Global has an average rating of "Moderate Buy" and a consensus price target of $28.13.

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.