LB Partners LLC Purchases 100,000 Shares of Remitly Global, Inc. (NASDAQ:RELY)

LB Partners LLC grew its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 21.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 573,270 shares of the financial services provider's stock after purchasing an additional 100,000 shares during the quarter. Remitly Global makes up about 9.7% of LB Partners LLC's portfolio, making the stock its 4th biggest holding. LB Partners LLC owned 0.29% of Remitly Global worth $12,939,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its stake in shares of Remitly Global by 9.7% during the second quarter. The Manufacturers Life Insurance Company now owns 85,391 shares of the financial services provider's stock worth $1,035,000 after buying an additional 7,549 shares during the period. Algert Global LLC purchased a new position in shares of Remitly Global in the second quarter valued at $921,000. EP Wealth Advisors LLC acquired a new stake in Remitly Global during the second quarter worth approximately $265,000. Point72 Asset Management L.P. purchased a new position in Remitly Global during the second quarter worth approximately $287,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Remitly Global in the 2nd quarter valued at $200,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the sale, the chief executive officer now directly owns 4,387,845 shares in the company, valued at $101,534,733.30. This represents a 0.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Joshua Hug sold 22,198 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the transaction, the insider now directly owns 3,873,811 shares in the company, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,476 shares of company stock worth $1,122,171. Corporate insiders own 8.10% of the company's stock.

Remitly Global Price Performance

RELY stock traded up $1.13 during midday trading on Wednesday, hitting $25.34. The stock had a trading volume of 1,616,695 shares, compared to its average volume of 1,528,997. The business has a 50-day moving average of $22.39 and a two-hundred day moving average of $17.63. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $25.40. The firm has a market cap of $5.02 billion, a price-to-earnings ratio of -72.41 and a beta of 0.07.

Wall Street Analyst Weigh In

RELY has been the subject of several research reports. Barclays lifted their price target on shares of Remitly Global from $23.00 to $28.00 and gave the company an "overweight" rating in a report on Monday. Wells Fargo & Company lifted their target price on shares of Remitly Global from $18.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. KeyCorp increased their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. Finally, JMP Securities upped their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a "market outperform" rating in a report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $23.75.

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.