Pictet Asset Management Holding SA Raises Position in Remitly Global, Inc. (NASDAQ:RELY)

Pictet Asset Management Holding SA lifted its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 354.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 208,010 shares of the financial services provider's stock after buying an additional 162,248 shares during the period. Pictet Asset Management Holding SA owned about 0.11% of Remitly Global worth $4,695,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of RELY. Global Retirement Partners LLC bought a new stake in Remitly Global during the 4th quarter worth approximately $28,000. R Squared Ltd acquired a new position in shares of Remitly Global during the fourth quarter worth $89,000. FMR LLC grew its stake in shares of Remitly Global by 39.8% in 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 last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Remitly Global in the fourth quarter valued at $135,000. Finally, KBC Group NV increased its holdings in Remitly Global by 49.7% in the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock valued at $138,000 after purchasing an additional 2,033 shares during the period. 74.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now owns 397,805 shares in the company, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the transaction, the chief executive officer now directly owns 4,358,679 shares of the company's stock, valued at $109,882,297.59. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,749 shares of company stock worth $1,081,736 over the last 90 days. Corporate insiders own 8.10% of the company's stock.

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Remitly Global Price Performance

Shares of NASDAQ:RELY traded up $1.71 during trading on Wednesday, hitting $20.36. 3,727,081 shares of the company were exchanged, compared to its average volume of 1,947,455. The company has a market cap of $4.08 billion, a PE ratio of -107.16 and a beta of 0.15. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $27.32. The stock has a 50 day moving average of $22.50 and a 200 day moving average of $20.37.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Sell-side analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Wells Fargo & Company upped their target price on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. BMO Capital Markets upped their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. William Blair reissued an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. Barclays raised their target price on Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Finally, The Goldman Sachs Group dropped their price target on Remitly Global from $33.00 to $26.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $27.25.

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.