51,762 Shares in Remitly Global, Inc. (NASDAQ:RELY) Purchased by M&T Bank Corp

M&T Bank Corp acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 51,762 shares of the financial services provider's stock, valued at approximately $693,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Barclays PLC grew its stake in shares of Remitly Global by 19.2% during the 3rd quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider's stock valued at $18,858,000 after purchasing an additional 227,231 shares during the period. XTX Topco Ltd boosted its holdings in shares of Remitly Global by 4.0% in 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 during the last quarter. Sora Investors LLC grew its position in Remitly Global by 75.0% during the third quarter. Sora Investors LLC now owns 175,000 shares of the financial services provider's stock valued at $2,343,000 after buying an additional 75,000 shares during the period. Stifel Financial Corp increased its holdings in Remitly Global by 168.4% during the third quarter. Stifel Financial Corp now owns 51,756 shares of the financial services provider's stock valued at $693,000 after buying an additional 32,473 shares during the last quarter. Finally, Quadrature Capital Ltd raised its position in Remitly Global by 41.0% in the third quarter. Quadrature Capital Ltd now owns 29,173 shares of the financial services provider's stock worth $390,000 after acquiring an additional 8,487 shares during the period. Hedge funds and other institutional investors own 74.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on RELY shares. JMP Securities boosted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a research report on Thursday, October 31st. Wells Fargo & Company raised Remitly Global from an "underweight" rating to an "equal weight" rating and boosted their price target for the company from $13.00 to $18.00 in a report on Thursday, October 31st. Barclays upped their price target on Remitly Global from $20.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, November 18th. BMO Capital Markets lifted their price objective on Remitly Global from $23.00 to $24.00 and gave the company an "outperform" rating in a research report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. increased their target price 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. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, Remitly Global has an average rating of "Moderate Buy" and a consensus price target of $22.75.

Insider Activity

In other news, insider Joshua Hug sold 22,198 shares of the company's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the sale, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction dated Thursday, October 17th. The shares were 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 directly owns 4,542,613 shares of the company's stock, valued at approximately $64,595,956.86. The trade was a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 82,012 shares of company stock worth $1,435,212 over the last 90 days. Corporate insiders own 8.10% of the company's stock.

Remitly Global Price Performance

RELY stock remained flat at $21.72 during midday trading on Tuesday. The company's stock had a trading volume of 1,294,319 shares, compared to its average volume of 1,717,286. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $22.08. The business has a 50 day moving average price of $18.20 and a 200 day moving average price of $15.02. The company has a market capitalization of $4.30 billion, a price-to-earnings ratio of -62.11 and a beta of 0.10.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.07. The firm 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%. Remitly Global's revenue for the quarter was up 39.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.20) earnings per share. On average, analysts expect that Remitly Global, Inc. will post -0.23 EPS for the current year.

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.