Prudential Financial Inc. Raises Position in Remitly Global, Inc. (NASDAQ:RELY)

Prudential Financial Inc. boosted its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 2,371.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 265,230 shares of the financial services provider's stock after buying an additional 254,500 shares during the period. Prudential Financial Inc. owned 0.13% of Remitly Global worth $5,986,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Global Retirement Partners LLC purchased a new stake in shares of Remitly Global during the fourth quarter worth approximately $28,000. Advisors Asset Management Inc. boosted its stake in Remitly Global by 58.7% during the 3rd 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 during the last quarter. R Squared Ltd purchased a new stake in shares of Remitly Global during the fourth quarter worth $89,000. FMR LLC grew its holdings in shares of 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 buying an additional 1,970 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Remitly Global in the fourth quarter valued at about $135,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. BMO Capital Markets boosted their target price on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. JPMorgan Chase & Co. increased their price target on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Barclays lifted their price objective on Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Finally, The Goldman Sachs Group dropped their target price on Remitly Global from $33.00 to $26.00 and set a "buy" rating for the company in a report on Wednesday. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $27.25.

Remove Ads

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $109,882,297.59. This represents a 0.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now owns 397,805 shares of the company's stock, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,749 shares of company stock valued at $1,081,736. Company insiders own 8.10% of the company's stock.

Remitly Global Stock Performance

Shares of Remitly Global stock traded down $1.21 during trading hours on Thursday, hitting $20.17. The company's stock had a trading volume of 630,596 shares, compared to its average volume of 1,911,956. The stock has a market cap of $4.05 billion, a price-to-earnings ratio of -106.16 and a beta of 0.07. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.32. The firm has a fifty day moving average of $22.95 and a 200-day moving average of $20.21.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.04. The company had revenue of $351.90 million for 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%. On average, sell-side analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Remitly Global 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.