Sora Investors LLC Grows Stock Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Sora Investors LLC increased its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 75.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 175,000 shares of the financial services provider's stock after purchasing an additional 75,000 shares during the period. Sora Investors LLC owned approximately 0.09% of Remitly Global worth $2,343,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Blue Trust Inc. bought a new position in Remitly Global in the 2nd quarter valued at about $43,000. Advisors Asset Management Inc. raised its stake in shares of Remitly Global by 58.7% in the third 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. Assetmark Inc. bought a new position in shares of Remitly Global in the third quarter valued at approximately $76,000. FMR LLC boosted its position 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 valued at $93,000 after buying an additional 1,970 shares during the last quarter. Finally, nVerses Capital LLC grew its holdings in Remitly Global by 2,900.0% during the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider's stock worth $109,000 after buying an additional 8,700 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Insiders Place Their Bets

In other news, insider Joshua Hug sold 22,198 shares of the business's 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. The trade was a 0.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the sale, the chief executive officer now owns 4,542,613 shares in the company, valued at $64,595,956.86. This trade represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,429 shares of company stock worth $1,131,011 over the last quarter. 8.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RELY shares. BMO Capital Markets lifted their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the stock an "outperform" rating in a report on Wednesday, September 18th. JPMorgan Chase & Co. boosted their price target on shares of Remitly Global from $19.00 to $21.00 and gave the stock an "overweight" rating in a report on Tuesday, August 20th. 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 research report on Thursday, October 31st. KeyCorp upped their target price on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. Finally, Wells Fargo & Company raised Remitly Global from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. One investment 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, Remitly Global presently has a consensus rating of "Moderate Buy" and an average target price of $22.75.

Remitly Global Stock Up 0.8 %

Remitly Global stock traded up $0.16 during trading on Friday, hitting $20.96. The stock had a trading volume of 652,521 shares, compared to its average volume of 1,720,163. The stock's 50 day moving average is $17.08 and its two-hundred day moving average is $14.63. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $22.08. The stock has a market cap of $4.15 billion, a price-to-earnings ratio of -59.54 and a beta of 0.10.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The firm had revenue of $336.53 million for the quarter, compared to analysts' expectations of $320.71 million. During the same quarter in the prior year, the firm earned ($0.20) EPS. The business's revenue for the quarter was up 39.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Remitly Global, Inc. will post -0.23 EPS for the current fiscal 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.