Renaissance Group LLC Invests $4.63 Million in Remitly Global, Inc. (NASDAQ:RELY)

Renaissance Group LLC bought a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 205,214 shares of the financial services provider's stock, valued at approximately $4,632,000. Renaissance Group LLC owned about 0.10% of Remitly Global at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of RELY. Vanguard Group Inc. raised its position in Remitly Global by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider's stock valued at $330,674,000 after purchasing an additional 380,159 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of Remitly Global by 1.6% in the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider's stock valued at $211,827,000 after buying an additional 150,602 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Remitly Global by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider's stock valued at $79,666,000 after buying an additional 49,281 shares during the last quarter. Norges Bank acquired a new position in Remitly Global during the 4th quarter worth about $66,169,000. Finally, Principal Financial Group Inc. grew its holdings in Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock worth $27,058,000 after acquiring an additional 2,001,198 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on RELY shares. Wells Fargo & Company upped their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 20th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. The Goldman Sachs Group lowered their target price on Remitly Global from $33.00 to $26.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. upped their price target on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Finally, BMO Capital Markets lifted their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.13.

Insider Activity

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction that occurred on 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 approximately $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Wednesday, January 22nd. The stock was 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 of the company's stock, valued at $101,534,733.30. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,749 shares of company stock valued at $1,081,736 in the last quarter. Company insiders own 8.10% of the company's stock.

Remitly Global Stock Performance

NASDAQ:RELY traded up $0.40 during mid-day trading on Friday, hitting $20.41. The company had a trading volume of 1,647,453 shares, compared to its average volume of 1,951,466. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The firm has a market cap of $4.09 billion, a P/E ratio of -107.42 and a beta of 0.15. The business's fifty day moving average is $22.22 and its two-hundred day moving average is $20.55.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data 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. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Equities analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

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.