Principal Financial Group Inc. Buys 2,001,198 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Principal Financial Group Inc. grew its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 10,213.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,020,791 shares of the financial services provider's stock after purchasing an additional 2,001,198 shares during the quarter. Principal Financial Group Inc. owned about 1.02% of Remitly Global worth $27,058,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Advisors Asset Management Inc. raised its holdings in Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock worth $53,000 after purchasing an additional 1,466 shares in the last quarter. Assetmark Inc. bought a new position in shares of Remitly Global during the third quarter valued at $76,000. 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 acquiring an additional 1,970 shares during the period. nVerses Capital LLC boosted its holdings in 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 worth $109,000 after purchasing an additional 8,700 shares during the last quarter. Finally, Green Alpha Advisors LLC bought a new position in shares of Remitly Global during the 3rd quarter valued at $144,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Price Performance

Shares of RELY stock traded up $0.21 during mid-day trading on Wednesday, hitting $22.64. The company had a trading volume of 364,492 shares, compared to its average volume of 1,719,562. The stock's 50 day moving average price is $19.26 and its 200-day moving average price is $15.40. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $22.93. The company has a market capitalization of $4.48 billion, a P/E ratio of -64.69 and a beta of 0.10.

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

Insider Activity at Remitly Global

In other news, insider Joshua Hug sold 22,198 shares of the business's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the company's 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 sale, the chief executive officer now owns 4,542,613 shares in the company, valued at $64,595,956.86. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 82,012 shares of company stock valued at $1,435,212. Insiders own 8.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. JMP Securities boosted their price target on Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" 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 boosted their target price for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. Barclays lifted their price target on shares of Remitly Global from $20.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, November 18th. BMO Capital Markets upped their price objective on Remitly Global from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 18th. Finally, KeyCorp lifted their target price on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $22.75.

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.