Massachusetts Financial Services Co. MA Boosts Stock Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Massachusetts Financial Services Co. MA raised its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 4.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 3,657,924 shares of the financial services provider's stock after purchasing an additional 169,454 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.85% of Remitly Global worth $48,980,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Advisors Asset Management Inc. boosted its stake in Remitly Global by 409.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 1,344 shares during the last quarter. Blue Trust Inc. purchased a new position in shares of Remitly Global in the 2nd quarter worth approximately $43,000. Assetmark Inc. purchased a new position in shares of Remitly Global in the 3rd quarter worth approximately $76,000. nVerses Capital LLC boosted its stake in shares of Remitly Global by 2,900.0% in the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider's stock worth $109,000 after buying an additional 8,700 shares during the last quarter. Finally, Values First Advisors Inc. purchased a new position in shares of Remitly Global in the 2nd quarter worth approximately $138,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Insider Activity

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the transaction, the insider now owns 151,576 shares of the company's stock, valued at approximately $3,031,520. This trade represents a 2.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm's stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction 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 $64,595,956.86. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,231 shares of company stock valued at $673,288. Insiders own 8.10% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RELY. JMP Securities boosted their target price on 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 Remitly Global from an "underweight" rating to an "equal weight" rating and boosted their target price for the stock from $13.00 to $18.00 in a research note on Thursday, October 31st. Monness Crespi & Hardt boosted their target price on Remitly Global from $29.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. lifted their price target on shares of Remitly Global from $19.00 to $21.00 and gave the stock an "overweight" rating in a report on Tuesday, August 20th. Finally, Barclays lifted their price target 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. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $22.75.

Remitly Global Trading Down 2.2 %

Shares of RELY traded down $0.46 during mid-day trading on Monday, reaching $20.58. 959,348 shares of the stock traded hands, compared to its average volume of 1,735,099. The firm has a fifty day moving average price of $15.88 and a 200 day moving average price of $14.23. The company has a market cap of $4.08 billion, a price-to-earnings ratio of -59.11 and a beta of 0.03. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $22.49.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.07. The business had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company's revenue was up 39.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.20) earnings per share. On average, sell-side analysts anticipate that Remitly Global, Inc. will post -0.23 EPS for the current 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.