Remitly Global, Inc. (NASDAQ:RELY) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 10,213.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,020,791 shares of the financial services provider's stock after buying an additional 2,001,198 shares during the period. Principal Financial Group Inc. owned about 1.04% of Remitly Global worth $27,058,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. grew its holdings 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 worth $35,000 after acquiring an additional 1,344 shares in the last quarter. Picton Mahoney Asset Management purchased a new position in shares of Remitly Global in the 1st quarter valued at about $37,000. Blue Trust Inc. purchased a new stake in Remitly Global in the second quarter valued at $43,000. nVerses Capital LLC grew its position in Remitly Global by 2,900.0% during the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider's stock worth $109,000 after purchasing an additional 8,700 shares during the last quarter. Finally, Bleakley Financial Group LLC purchased a new stake in Remitly Global during the first quarter worth $218,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

Insider Activity

In other news, insider Pankaj Sharma sold 4,000 shares of the firm's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the sale, the insider now directly owns 151,576 shares in the company, valued at approximately $3,031,520. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the company's stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the sale, 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 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the business's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 8.10% of the company's stock.

Remitly Global Stock Performance

Shares of NASDAQ:RELY traded up $0.84 on Wednesday, hitting $20.43. The company's stock had a trading volume of 2,451,265 shares, compared to its average volume of 1,737,803. The company has a 50-day simple moving average of $14.86 and a 200 day simple moving average of $14.00. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $23.01.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping 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 for the quarter was up 39.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.20) EPS. As a group, equities analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Analyst Ratings Changes

RELY has been the subject of several recent analyst reports. Monness Crespi & Hardt lifted their price target on Remitly Global from $29.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, August 1st. KeyCorp raised their target price on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. Wells Fargo & Company upgraded shares of Remitly Global from an "underweight" rating to an "equal weight" rating and lifted their price objective for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. 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 report on Thursday, October 31st. Finally, Barclays raised their price objective on shares of Remitly Global from $16.00 to $20.00 and gave the stock an "overweight" rating in a research note on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $22.38.

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.