Holocene Advisors LP Makes New $1.42 Million Investment in Remitly Global, Inc. (NASDAQ:RELY)

Holocene Advisors LP bought a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 105,871 shares of the financial services provider's stock, valued at approximately $1,418,000. Holocene Advisors LP owned approximately 0.05% of Remitly Global as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Millennium Management LLC raised its holdings in Remitly Global by 108.0% in the second quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider's stock worth $48,333,000 after buying an additional 2,071,026 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Remitly Global by 4.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider's stock valued at $48,980,000 after acquiring an additional 169,454 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its stake in Remitly Global by 13.8% during the 3rd 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 during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Remitly Global by 25.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider's stock worth $25,843,000 after purchasing an additional 435,827 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of 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 purchasing an additional 2,001,198 shares during the last quarter. Institutional investors own 74.25% of the company's stock.

Insider Transactions at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the transaction, the chief executive officer now directly owns 4,542,613 shares of the company's stock, valued at approximately $64,595,956.86. The trade was a 0.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joshua Hug sold 22,198 shares of the company's stock in a transaction on Tuesday, November 26th. The stock was 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 in the company, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 67,429 shares of company stock valued at $1,131,011. Corporate insiders own 8.10% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on RELY. Wells Fargo & Company raised Remitly Global from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. JPMorgan Chase & Co. raised their price target on Remitly Global from $19.00 to $21.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 20th. JMP Securities upped their price target on shares of Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a research report on Thursday, October 31st. Barclays raised their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, November 18th. Finally, BMO Capital Markets upped their target price on shares of Remitly Global from $23.00 to $24.00 and gave the company an "outperform" rating in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $22.75.

Remitly Global Trading Up 1.4 %

NASDAQ RELY traded up $0.30 on Friday, reaching $21.10. 1,339,098 shares of the stock were exchanged, compared to its average volume of 1,781,652. The company's 50-day simple moving average is $17.23 and its two-hundred day simple moving average is $14.68. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $22.08. The firm has a market capitalization of $4.18 billion, a PE ratio of -60.29 and a beta of 0.10.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.07. The company had revenue of $336.53 million during 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%. Remitly Global's revenue for the quarter was up 39.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.20) earnings per share. Sell-side analysts forecast that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal 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.