Geode Capital Management LLC Purchases 107,468 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Geode Capital Management LLC raised its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 3.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,479,666 shares of the financial services provider's stock after buying an additional 107,468 shares during the period. Geode Capital Management LLC owned about 1.76% of Remitly Global worth $46,601,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. 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 buying an additional 1,466 shares during the period. Assetmark Inc. acquired a new stake in Remitly Global during the 3rd quarter worth about $76,000. FMR LLC raised its position in shares of Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock worth $93,000 after acquiring an additional 1,970 shares in the last quarter. nVerses Capital LLC lifted its stake in shares of Remitly Global by 2,900.0% in the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider's stock valued at $109,000 after purchasing an additional 8,700 shares during the period. Finally, Green Alpha Advisors LLC bought a new stake in shares of Remitly Global during the 3rd quarter valued at about $144,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Stock Performance

Shares of Remitly Global stock traded up $0.21 during trading hours on Tuesday, reaching $22.64. The company's stock had a trading volume of 364,492 shares, compared to its average volume of 1,719,562. The stock's fifty day simple moving average is $19.09 and its two-hundred day simple moving average is $15.33. The company has a market capitalization of $4.48 billion, a P/E ratio of -64.69 and a beta of 0.10. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $22.93.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the previous year, the business earned ($0.20) EPS. The company's quarterly revenue was up 39.3% on a year-over-year basis. As a group, research analysts forecast that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RELY. BMO Capital Markets lifted their target price on Remitly Global from $23.00 to $24.00 and gave the stock an "outperform" rating in a report on Wednesday, September 18th. KeyCorp lifted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. Wells Fargo & Company raised shares of Remitly Global from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $13.00 to $18.00 in a research note on Thursday, October 31st. JMP Securities raised their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a report on Thursday, October 31st. Finally, Barclays upped their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, November 18th. 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, the company has a consensus rating of "Moderate Buy" and an average target price of $22.75.

Insiders Place Their Bets

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total transaction of $304,201.38. Following the completion of the transaction, the chief executive officer now owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider now directly owns 151,576 shares in the company, valued at approximately $3,031,520. This represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 82,012 shares of company stock valued at $1,435,212 in the last three months. 8.10% of the stock is currently owned by insiders.

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.