Intech Investment Management LLC Makes New Investment in Remitly Global, Inc. (NASDAQ:RELY)

Intech Investment Management LLC acquired a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 45,008 shares of the financial services provider's stock, valued at approximately $603,000.

A number of other hedge funds have also made changes to their positions in the business. Advisors Asset Management Inc. increased its holdings in Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 1,466 shares in the last quarter. Caprock Group LLC boosted its position in shares of Remitly Global by 7.7% in the third quarter. Caprock Group LLC now owns 37,869 shares of the financial services provider's stock worth $507,000 after buying an additional 2,710 shares during the period. Pathstone Holdings LLC grew its stake in shares of Remitly Global by 2.1% in the third quarter. Pathstone Holdings LLC now owns 355,713 shares of the financial services provider's stock valued at $4,763,000 after buying an additional 7,302 shares in the last quarter. GSA Capital Partners LLP grew its stake in shares of Remitly Global by 30.2% in the third quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider's stock valued at $3,517,000 after buying an additional 60,991 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D purchased a new stake in shares of Remitly Global during the 3rd quarter valued at about $1,953,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Trading Down 1.3 %

NASDAQ:RELY traded down $0.27 during trading hours on Friday, reaching $20.56. 735,993 shares of the stock were exchanged, compared to its average volume of 2,295,467. The firm has a 50 day simple moving average of $16.52 and a 200-day simple moving average of $14.45. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $22.08.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $336.53 million for the quarter, compared to analysts' expectations of $320.71 million. During the same period last year, the business posted ($0.20) earnings per share. The firm's revenue for the quarter was up 39.3% on a year-over-year basis. On average, analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RELY shares. JPMorgan Chase & Co. increased their price objective on shares of Remitly Global from $19.00 to $21.00 and gave the company an "overweight" rating in a research report on Tuesday, August 20th. JMP Securities lifted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a research note on Thursday, October 31st. Wells Fargo & Company upgraded shares of Remitly Global from an "underweight" rating to an "equal weight" rating and boosted their price objective for the stock from $13.00 to $18.00 in a report on Thursday, October 31st. KeyCorp raised their target price on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. Finally, Barclays raised their price objective on Remitly Global from $20.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday, November 18th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Remitly Global presently has an average rating of "Moderate Buy" and a consensus price target of $22.75.

Insider Activity

In related news, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the sale, the insider now directly owns 3,873,811 shares in the company, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the company's stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the transaction, the chief executive officer now owns 4,542,613 shares of the company's stock, valued at approximately $64,595,956.86. This trade represents a 0.88 % decrease in their position. 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. Company insiders own 8.10% of the company's stock.

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.