State of New Jersey Common Pension Fund D Sells 40,735 Shares of Remitly Global, Inc. (NASDAQ:RELY)

State of New Jersey Common Pension Fund D lowered its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 27.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 105,116 shares of the financial services provider's stock after selling 40,735 shares during the period. State of New Jersey Common Pension Fund D owned 0.05% of Remitly Global worth $2,372,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its holdings in Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock valued at $27,058,000 after buying an additional 2,001,198 shares in the last quarter. M&T Bank Corp bought a new stake in Remitly Global during the third quarter worth approximately $693,000. DHK Financial Advisors Inc. acquired a new position in Remitly Global during the fourth quarter valued at approximately $273,000. Robeco Institutional Asset Management B.V. raised its position in shares of Remitly Global by 8.8% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider's stock valued at $13,689,000 after purchasing an additional 49,200 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in shares of Remitly Global in the third quarter valued at about $628,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Remitly Global

In other news, insider Joshua Hug sold 22,198 shares of the company's stock in a transaction that occurred 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 transaction, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the sale, the chief executive officer now directly owns 4,387,845 shares of the company's stock, valued at approximately $101,534,733.30. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,947 shares of company stock valued at $1,467,012. Corporate insiders own 8.10% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. The Goldman Sachs Group upped their price target on Remitly Global from $28.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday. JPMorgan Chase & Co. increased their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday. BMO Capital Markets boosted their price target on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday. Wells Fargo & Company upped their price target on Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a report on Thursday. Finally, Barclays lifted their price objective on Remitly Global from $23.00 to $28.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $28.00.

Remitly Global Price Performance

Shares of Remitly Global stock traded down $1.93 during midday trading on Friday, hitting $23.86. 4,682,197 shares of the company were exchanged, compared to its average volume of 1,861,512. The firm has a 50 day simple moving average of $23.64 and a 200-day simple moving average of $18.67. The firm has a market cap of $4.73 billion, a P/E ratio of -125.58 and a beta of 0.07. 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 data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.31% and a negative net margin of 2.93%. The company had revenue of $351.90 million during the quarter, compared to analysts' expectations of $343.67 million. Equities research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current 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.