State of New Jersey Common Pension Fund D Makes New $1.95 Million Investment in Remitly Global, Inc. (NASDAQ:RELY)

State of New Jersey Common Pension Fund D acquired a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 145,851 shares of the financial services provider's stock, valued at approximately $1,953,000. State of New Jersey Common Pension Fund D owned 0.07% of Remitly Global at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Millennium Management LLC boosted its position in Remitly Global by 108.0% during the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider's stock valued at $48,333,000 after buying an additional 2,071,026 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of Remitly Global by 74.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider's stock worth $42,280,000 after purchasing an additional 1,487,680 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Remitly Global by 25.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider's stock worth $25,843,000 after buying an additional 435,827 shares during the period. Principal Financial Group Inc. increased its stake in shares of 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 during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Remitly Global by 76.3% during the second quarter. Bank of New York Mellon Corp now owns 915,319 shares of the financial services provider's stock valued at $11,094,000 after acquiring an additional 396,264 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Wall Street Analyst Weigh In

RELY has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price target on shares of Remitly Global from $19.00 to $21.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 20th. Monness Crespi & Hardt lifted their price objective on Remitly Global from $29.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. Barclays lifted their price objective on Remitly Global from $20.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday. KeyCorp lifted their price objective on Remitly Global from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company upgraded Remitly Global from an "underweight" rating to an "equal weight" rating and lifted their price objective for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.75.

Insider Transactions at Remitly Global

In other news, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the transaction, the insider now directly owns 151,576 shares of the company's stock, valued at $3,031,520. The trade was a 2.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the sale, the chief executive officer now directly owns 4,542,613 shares of the company's stock, valued at $64,595,956.86. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 8.10% of the company's stock.

Remitly Global Trading Up 0.6 %

NASDAQ:RELY traded up $0.12 during mid-day trading on Monday, reaching $19.76. The company's stock had a trading volume of 1,406,598 shares, compared to its average volume of 1,743,123. The firm's fifty day moving average price is $15.24 and its two-hundred day moving average price is $14.05. The stock has a market cap of $3.91 billion, a P/E ratio of -56.66 and a beta of 0.03. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $22.49.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating the consensus estimate 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 period in the prior year, the firm earned ($0.20) EPS. The company's revenue was up 39.3% compared to the same quarter last year. Analysts predict that Remitly Global, Inc. will post -0.23 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.