Lisanti Capital Growth LLC Purchases New Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Lisanti Capital Growth LLC bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 280,190 shares of the financial services provider's stock, valued at approximately $6,324,000. Remitly Global accounts for approximately 1.5% of Lisanti Capital Growth LLC's holdings, making the stock its 14th biggest holding. Lisanti Capital Growth LLC owned about 0.14% of Remitly Global at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. grew its holdings in Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock valued at $27,058,000 after purchasing an additional 2,001,198 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Remitly Global in the 4th quarter valued at $1,228,000. M&T Bank Corp bought a new stake in shares of Remitly Global in the 3rd quarter valued at $693,000. DHK Financial Advisors Inc. bought a new stake in shares of Remitly Global in the 4th quarter valued at $273,000. Finally, Robeco Institutional Asset Management B.V. raised its stake in Remitly Global by 8.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider's stock worth $13,689,000 after buying an additional 49,200 shares during the period. 74.25% of the stock is owned by institutional investors.

Remitly Global Stock Performance

Remitly Global stock traded up $0.40 during midday trading on Tuesday, reaching $20.48. 5,502,684 shares of the company's stock were exchanged, compared to its average volume of 1,717,989. The stock's 50-day simple moving average is $23.76 and its 200 day simple moving average is $19.44. The firm has a market cap of $4.11 billion, a price-to-earnings ratio of -107.79 and a beta of 0.07. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32.

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Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping 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 company had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company'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 value of $367,637.43. Following the transaction, the chief executive officer now owns 4,358,679 shares of the company's stock, valued at approximately $109,882,297.59. This represents a 0.33 % 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 this link. Insiders own 8.10% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on RELY. The Goldman Sachs Group boosted their target price on Remitly Global from $28.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, February 20th. BMO Capital Markets boosted their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Wells Fargo & Company increased their target price 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. William Blair reissued an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. raised their price objective on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, Remitly Global presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.13.

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.