Portolan Capital Management LLC Acquires 341,188 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Portolan Capital Management LLC lifted its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 96.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 694,242 shares of the financial services provider's stock after acquiring an additional 341,188 shares during the quarter. Remitly Global makes up approximately 1.1% of Portolan Capital Management LLC's investment portfolio, making the stock its 28th largest position. Portolan Capital Management LLC owned approximately 0.35% of Remitly Global worth $15,669,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Global Retirement Partners LLC bought a new position in shares of Remitly Global in the 4th quarter valued at about $28,000. R Squared Ltd acquired a new stake in Remitly Global in the 4th quarter valued at about $89,000. FMR LLC grew its holdings in Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock worth $93,000 after purchasing an additional 1,970 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Remitly Global during the fourth quarter worth approximately $135,000. Finally, KBC Group NV increased its position in Remitly Global by 49.7% during the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock worth $138,000 after buying an additional 2,033 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RELY has been the subject of several research analyst reports. Wells Fargo & Company lifted their target price on Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. upped their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. William Blair restated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. JMP Securities reaffirmed a "market outperform" rating and issued a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. Finally, BMO Capital Markets lifted their price target on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a 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 company's stock. According to data from MarketBeat.com, Remitly Global currently has an average rating of "Moderate Buy" and an average price target of $28.13.

Remitly Global Price Performance

Remitly Global stock traded up $0.09 during mid-day trading on Friday, reaching $19.93. 2,308,288 shares of the company were exchanged, compared to its average volume of 1,961,727. The firm has a market cap of $4.00 billion, a PE ratio of -104.89 and a beta of 0.15. The company has a fifty day simple moving average of $21.68 and a 200-day simple moving average of $20.68. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $27.32.

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

Insider Activity at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the completion of the sale, the insider now owns 397,805 shares in the company, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction 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. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 48,749 shares of company stock valued at $1,081,736 in the last 90 days. 8.10% of the stock is owned by corporate insiders.

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.