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

Legato Capital Management LLC bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 48,045 shares of the financial services provider's stock, valued at approximately $1,084,000.

A number of other large investors also recently made changes to their positions in RELY. Advisors Asset Management Inc. increased its stake 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 purchasing an additional 1,466 shares during the period. Assetmark Inc. bought a new position in shares of Remitly Global during the third quarter worth approximately $76,000. R Squared Ltd bought a new position in shares of Remitly Global during the fourth quarter worth approximately $89,000. FMR LLC increased its stake in shares of Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock worth $93,000 after purchasing an additional 1,970 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Remitly Global during the fourth quarter worth approximately $135,000. Institutional investors own 74.25% of the company's stock.

Insider Activity at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction that occurred on Wednesday, February 5th. The stock was 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Joshua Hug sold 22,198 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 3,873,811 shares in the company, valued at $79,877,982.82. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,059 shares of company stock valued at $1,489,808 in the last three months. Corporate insiders own 8.10% of the company's stock.

Wall Street Analysts Forecast Growth

RELY has been the topic of several recent analyst reports. KeyCorp lifted their price target on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. JMP Securities lifted their target price on Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a report on Thursday, October 31st. Barclays lifted their target price on Remitly Global from $23.00 to $28.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Finally, Wells Fargo & Company lifted their price objective on Remitly Global from $18.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.75.

Remitly Global Trading Up 3.6 %

Remitly Global stock traded up $0.95 during midday trading on Friday, reaching $27.14. The stock had a trading volume of 2,177,501 shares, compared to its average volume of 1,550,431. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $27.24. The company has a market capitalization of $5.38 billion, a P/E ratio of -77.54 and a beta of 0.07. The company has a fifty day moving average price of $23.17 and a two-hundred day moving average price of $18.28.

Remitly Global Company 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.