Point72 Asset Management L.P. Boosts Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Point72 Asset Management L.P. increased its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 250.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,207 shares of the financial services provider's stock after buying an additional 59,496 shares during the period. Point72 Asset Management L.P.'s holdings in Remitly Global were worth $1,114,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Blue Trust Inc. bought a new position in Remitly Global in the 2nd quarter valued at about $43,000. Advisors Asset Management Inc. lifted its stake in Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 1,466 shares in the last quarter. Assetmark Inc. purchased a new position in Remitly Global during the 3rd quarter worth $76,000. FMR LLC grew its stake in shares of Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock worth $93,000 after acquiring an additional 1,970 shares in the last quarter. Finally, nVerses Capital LLC raised its holdings in shares of Remitly Global by 2,900.0% in the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider's stock valued at $109,000 after purchasing an additional 8,700 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RELY has been the subject of a number of recent analyst reports. KeyCorp upped their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" 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 raised their target price for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. JPMorgan Chase & Co. lifted their target price on Remitly Global from $19.00 to $21.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 20th. JMP Securities increased their price target 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. Finally, Barclays lifted their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, November 18th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.75.

Insider Transactions at Remitly Global

In related news, 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 value of $570,492.18. Following the completion of the transaction, the chief executive officer now directly owns 4,542,613 shares in the company, valued at $64,595,956.86. This trade represents a 0.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joshua Hug sold 22,198 shares of the business's stock in a transaction dated Tuesday, November 26th. The stock was 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 $79,877,982.82. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,429 shares of company stock valued at $1,131,011. Corporate insiders own 8.10% of the company's stock.

Remitly Global Stock Performance

RELY stock traded up $0.79 on Wednesday, reaching $21.73. The company's stock had a trading volume of 765,895 shares, compared to its average volume of 1,719,472. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $22.08. The firm has a market cap of $4.30 billion, a PE ratio of -61.60 and a beta of 0.10. The business has a fifty day simple moving average of $17.53 and a two-hundred day simple moving average of $14.79.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced 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. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company had revenue of $336.53 million for the quarter, compared to analysts' expectations of $320.71 million. During the same quarter in the previous year, the company earned ($0.20) earnings per share. Remitly Global's quarterly revenue was up 39.3% on a year-over-year basis. As a group, research analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal 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.