Hillsdale Investment Management Inc. Invests $4.57 Million in Remitly Global, Inc. (NASDAQ:RELY)

Hillsdale Investment Management Inc. purchased a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 202,550 shares of the financial services provider's stock, valued at approximately $4,572,000. Hillsdale Investment Management Inc. owned about 0.10% of Remitly Global at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Global Retirement Partners LLC purchased a new position in shares of Remitly Global during the fourth quarter valued at approximately $28,000. R Squared Ltd purchased a new position in shares of Remitly Global during the fourth quarter valued at approximately $89,000. Advisors Asset Management Inc. grew its holdings in shares of Remitly Global by 58.7% in 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 during the period. Wilmington Savings Fund Society FSB bought a new position in Remitly Global in the fourth quarter worth approximately $135,000. Finally, KBC Group NV lifted its position in shares of Remitly Global by 49.7% during the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock valued at $138,000 after buying an additional 2,033 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction on Wednesday, February 5th. The shares were 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 directly owns 4,358,679 shares of the company's stock, valued at approximately $109,882,297.59. The trade was a 0.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ankur Sinha sold 5,000 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now directly owns 397,805 shares in the company, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,749 shares of company stock valued at $1,081,736. Company insiders own 8.10% of the company's stock.

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Remitly Global Stock Performance

Remitly Global stock traded up $0.30 during trading on Wednesday, reaching $21.32. The company had a trading volume of 1,772,079 shares, compared to its average volume of 1,779,876. The firm's 50-day simple moving average is $23.19 and its 200 day simple moving average is $19.95. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32. The firm has a market capitalization of $4.28 billion, a PE ratio of -112.21 and a beta of 0.07.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (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 the consensus estimate of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. Analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on RELY shares. The Goldman Sachs Group lifted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, February 20th. Barclays boosted their target price on Remitly Global from $28.00 to $29.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Wells Fargo & Company lifted their price target on shares of Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. upped their target price on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. Finally, William Blair reaffirmed an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average 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.