Proficio Capital Partners LLC Buys New Shares in Remitly Global, Inc. (NASDAQ:RELY)

Proficio Capital Partners LLC purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 13,948 shares of the financial services provider's stock, valued at approximately $315,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Principal Financial Group Inc. boosted its stake in shares of Remitly Global by 10,213.8% in the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock valued at $27,058,000 after buying an additional 2,001,198 shares during the period. ArrowMark Colorado Holdings LLC increased its holdings in Remitly Global by 13.8% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider's stock valued at $47,578,000 after purchasing an additional 431,987 shares during the period. Barclays PLC increased its holdings in Remitly Global by 19.2% in the third quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider's stock valued at $18,858,000 after purchasing an additional 227,231 shares during the period. Portolan Capital Management LLC boosted its position in Remitly Global by 96.3% during the third quarter. Portolan Capital Management LLC now owns 353,054 shares of the financial services provider's stock valued at $4,727,000 after acquiring an additional 173,162 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in Remitly Global by 4.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider's stock valued at $48,980,000 after acquiring an additional 169,454 shares during the last quarter. Institutional investors own 74.25% of the company's stock.

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the transaction, the chief executive officer now owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. This trade represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 8.10% of the stock is owned by corporate insiders.

Remitly Global Stock Performance

NASDAQ RELY opened at $20.48 on Wednesday. The company has a market cap of $4.11 billion, a P/E ratio of -107.79 and a beta of 0.07. The business's 50 day moving average price is $23.72 and its 200-day moving average price is $19.49. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Barclays increased their price objective on shares of Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. 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, February 20th. The Goldman Sachs Group raised their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. BMO Capital Markets raised their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. Finally, William Blair restated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.13.

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.

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