KLP Kapitalforvaltning AS Purchases New Holdings in Remitly Global, Inc. (NASDAQ:RELY)

KLP Kapitalforvaltning AS acquired a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 30,700 shares of the financial services provider's stock, valued at approximately $693,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. XTX Topco Ltd grew its position in shares of Remitly Global by 4.0% during the third quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider's stock worth $194,000 after buying an additional 563 shares in the last quarter. Claro Advisors LLC boosted its stake in Remitly Global by 5.2% during the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider's stock valued at $287,000 after acquiring an additional 629 shares during the last quarter. Sei Investments Co. increased its position in shares of Remitly Global by 4.8% in the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock worth $313,000 after purchasing an additional 636 shares during the last quarter. Values First Advisors Inc. raised its stake in shares of Remitly Global by 4.4% in the 4th quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider's stock valued at $349,000 after purchasing an additional 653 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in shares of Remitly Global by 2.1% during the fourth quarter. Arizona State Retirement System now owns 42,453 shares of the financial services provider's stock worth $958,000 after purchasing an additional 886 shares during the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Transactions at Remitly Global

In other news, insider Ankur Sinha sold 5,000 shares of the stock in a transaction on Monday, March 17th. The stock was 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 in the company, valued at approximately $7,562,273.05. This represents a 1.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the completion of the transaction, the chief executive officer now owns 4,358,679 shares in the company, valued at $109,882,297.59. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,749 shares of company stock valued at $1,081,736 in the last quarter. Insiders own 8.10% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on RELY shares. BMO Capital Markets upped their price objective on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. The Goldman Sachs Group dropped their price target on Remitly Global from $33.00 to $26.00 and set a "buy" rating on the stock in a research report on Wednesday. Wells Fargo & Company lifted their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. JPMorgan Chase & Co. increased their target price on shares of 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 report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $27.25.

Remitly Global Stock Down 7.3 %

NASDAQ RELY traded down $1.47 on Friday, reaching $18.66. 2,075,384 shares of the stock traded hands, compared to its average volume of 1,929,991. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $27.32. The company has a market cap of $3.74 billion, a price-to-earnings ratio of -98.21 and a beta of 0.15. The firm's fifty day simple moving average is $22.79 and its 200 day simple moving average is $20.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The business had revenue of $351.90 million during the quarter, compared to analysts' expectations of $343.67 million. As a group, equities research analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

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.