Russell Investments Group Ltd. Grows Position in Remitly Global, Inc. (NASDAQ:RELY)

Russell Investments Group Ltd. increased its holdings in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 168.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 124,600 shares of the financial services provider's stock after purchasing an additional 78,256 shares during the period. Russell Investments Group Ltd. owned approximately 0.06% of Remitly Global worth $2,812,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in RELY. Envestnet Asset Management Inc. grew its stake in shares of Remitly Global by 221.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 53,774 shares of the financial services provider's stock valued at $1,214,000 after buying an additional 37,046 shares during the last quarter. Wells Fargo & Company MN increased its stake in Remitly Global by 53.1% in the 4th quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider's stock worth $1,597,000 after purchasing an additional 24,559 shares during the period. Geode Capital Management LLC lifted its position in 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 purchasing an additional 49,281 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new stake in shares of Remitly Global during the fourth quarter valued at approximately $1,647,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Remitly Global in the fourth quarter worth approximately $7,700,000. Institutional investors own 74.25% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the completion of the transaction, the chief executive officer now owns 4,358,679 shares of the company's stock, valued at $109,882,297.59. The trade was a 0.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ankur Sinha sold 5,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the sale, the insider now directly owns 397,805 shares in the company, 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. Over the last ninety days, insiders sold 68,749 shares of company stock worth $1,471,136. Insiders own 8.10% of the company's stock.

Remitly Global Price Performance

RELY stock traded down $0.83 during midday trading on Monday, hitting $19.10. The stock had a trading volume of 1,741,785 shares, compared to its average volume of 1,967,030. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of -100.53 and a beta of 0.15. The business has a 50-day moving average of $21.68 and a two-hundred day moving average of $20.79. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) 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 company had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. Research analysts predict 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.