M&T Bank Corp Buys 32,176 Shares of Remitly Global, Inc. (NASDAQ:RELY)

M&T Bank Corp lifted its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 62.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,938 shares of the financial services provider's stock after acquiring an additional 32,176 shares during the quarter. M&T Bank Corp's holdings in Remitly Global were worth $1,895,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Baillie Gifford & Co. grew its stake in Remitly Global by 1.6% in the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider's stock valued at $211,827,000 after purchasing an additional 150,602 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in Remitly Global by 4.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider's stock worth $48,980,000 after buying an additional 169,454 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its position in Remitly Global by 13.8% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider's stock worth $47,578,000 after acquiring an additional 431,987 shares during the period. Geode Capital Management LLC boosted its stake in Remitly Global by 3.2% in the third quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider's stock valued at $46,601,000 after acquiring an additional 107,468 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Remitly Global by 10,213.8% in 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 acquiring an additional 2,001,198 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors.

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Insider Buying and Selling

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total transaction of $367,637.43. Following the transaction, the chief executive officer now directly owns 4,358,679 shares in the company, valued at $109,882,297.59. This trade represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have issued reports on RELY. JPMorgan Chase & Co. raised their target price on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research report on Thursday, February 20th. Wells Fargo & Company lifted their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 20th. The Goldman Sachs Group upped their price target on shares of Remitly Global from $28.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, February 20th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. Finally, BMO Capital Markets increased their target price on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $28.13.

Remitly Global Stock Up 0.1 %

Shares of NASDAQ RELY traded up $0.02 during mid-day trading on Thursday, reaching $19.77. 2,453,901 shares of the company were exchanged, compared to its average volume of 1,729,986. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The company's 50 day moving average price is $23.67 and its 200 day moving average price is $19.49. The stock has a market capitalization of $3.97 billion, a PE ratio of -104.05 and a beta of 0.07.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.04. The firm had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. On average, sell-side analysts predict that Remitly Global, Inc. will post -0.04 earnings per share 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.