First Eagle Investment Management LLC Buys 166,400 Shares of Remitly Global, Inc. (NASDAQ:RELY)

First Eagle Investment Management LLC raised its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 41.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 568,366 shares of the financial services provider's stock after purchasing an additional 166,400 shares during the period. First Eagle Investment Management LLC owned approximately 0.29% of Remitly Global worth $12,828,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Global Retirement Partners LLC bought a new stake in Remitly Global in the fourth quarter valued at approximately $28,000. R Squared Ltd bought a new stake in Remitly Global in the fourth quarter valued at approximately $89,000. Advisors Asset Management Inc. increased its position in shares of Remitly Global by 58.7% during the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock worth $53,000 after acquiring an additional 1,466 shares in the last quarter. Assetmark Inc. bought a new stake in shares of Remitly Global during the third quarter worth $76,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Remitly Global during the fourth quarter worth $135,000. Institutional investors own 74.25% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RELY shares. The Goldman Sachs Group increased their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. Wells Fargo & Company increased their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 20th. BMO Capital Markets increased their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. William Blair reissued an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. Finally, Barclays increased their price objective on shares of Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Remitly Global currently has an average rating of "Moderate Buy" and a consensus target price of $28.13.

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Insider Buying and Selling at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value 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 $109,882,297.59. This trade represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ankur Sinha sold 5,000 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the completion of the sale, the insider now owns 397,805 shares of the company's stock, valued at approximately $7,562,273.05. This represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,749 shares of company stock worth $1,081,736 over the last quarter. 8.10% of the stock is currently owned by insiders.

Remitly Global Stock Up 4.0 %

RELY traded up $0.78 during trading hours on Wednesday, hitting $20.27. 1,985,763 shares of the company's stock were exchanged, compared to its average volume of 1,761,694. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32. The stock's 50-day moving average is $23.40 and its two-hundred day moving average is $19.70. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of -106.68 and a beta of 0.07.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.04. The firm had revenue of $351.90 million during 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, equities research analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current 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.