Principal Financial Group Inc. Decreases Stake in Remitly Global, Inc. (NASDAQ:RELY)

Principal Financial Group Inc. reduced its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 7.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,871,469 shares of the financial services provider's stock after selling 149,322 shares during the quarter. Principal Financial Group Inc. owned about 0.94% of Remitly Global worth $42,239,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. M&T Bank Corp purchased a new stake in shares of Remitly Global in the third quarter valued at $693,000. DHK Financial Advisors Inc. bought a new position in Remitly Global during the 4th quarter valued at about $273,000. Robeco Institutional Asset Management B.V. raised its position in Remitly Global by 8.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider's stock worth $13,689,000 after purchasing an additional 49,200 shares during the period. Neo Ivy Capital Management purchased a new stake in Remitly Global in the 3rd quarter worth about $628,000. Finally, GSA Capital Partners LLP lifted its stake in Remitly Global by 30.2% in the third quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider's stock worth $3,517,000 after purchasing an additional 60,991 shares during the last quarter. 74.25% of the stock is owned by institutional investors.

Remitly Global Trading Down 7.5 %

Shares of RELY traded down $1.93 during mid-day trading on Friday, hitting $23.86. The company's stock had a trading volume of 4,682,197 shares, compared to its average volume of 1,861,512. The company's 50-day moving average is $23.64 and its 200-day moving average is $18.67. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $27.32. The firm has a market capitalization of $4.73 billion, a price-to-earnings ratio of -125.58 and a beta of 0.07.

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. The company 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 6.31% and a negative net margin of 2.93%. As a group, sell-side analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. BMO Capital Markets increased their price target on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday. JPMorgan Chase & Co. increased their target price on Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday. The Goldman Sachs Group boosted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday. Wells Fargo & Company raised their price target 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. Finally, JMP Securities lifted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Remitly Global has a consensus rating of "Moderate Buy" and an average target price of $28.00.

Insider Activity

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total transaction of $304,201.38. Following the completion of the sale, the chief executive officer now directly owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. The trade was a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Joshua Hug sold 22,198 shares of the firm's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the transaction, the insider now directly owns 3,873,811 shares of the company's stock, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,947 shares of company stock worth $1,467,012. Insiders own 8.10% of the company's stock.

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.