Stifel Financial Corp Raises Stock Position in Remitly Global, Inc. (NASDAQ:RELY)

Stifel Financial Corp increased its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 168.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 51,756 shares of the financial services provider's stock after purchasing an additional 32,473 shares during the quarter. Stifel Financial Corp's holdings in Remitly Global were worth $693,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of RELY. Quadrature Capital Ltd increased its position in Remitly Global by 41.0% during the 3rd quarter. Quadrature Capital Ltd now owns 29,173 shares of the financial services provider's stock valued at $390,000 after purchasing an additional 8,487 shares during the period. Point72 Asset Management L.P. increased its holdings in Remitly Global by 250.9% during the third quarter. Point72 Asset Management L.P. now owns 83,207 shares of the financial services provider's stock valued at $1,114,000 after buying an additional 59,496 shares during the period. Portolan Capital Management LLC raised its stake in Remitly Global by 96.3% in the third quarter. Portolan Capital Management LLC now owns 353,054 shares of the financial services provider's stock worth $4,727,000 after buying an additional 173,162 shares in the last quarter. Holocene Advisors LP purchased a new stake in Remitly Global during the third quarter worth $1,418,000. Finally, Centiva Capital LP boosted its position in Remitly Global by 24.2% during the 3rd quarter. Centiva Capital LP now owns 31,465 shares of the financial services provider's stock valued at $421,000 after acquiring an additional 6,136 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Barclays boosted their price target on Remitly Global from $20.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, November 18th. KeyCorp boosted their target price on shares of Remitly Global from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. Wells Fargo & Company upgraded shares of Remitly Global from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $13.00 to $18.00 in a report on Thursday, October 31st. BMO Capital Markets boosted their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 18th. Finally, JMP Securities raised their target price on shares of Remitly Global from $22.00 to $25.00 and gave the company a "market outperform" rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $22.75.

Insider Activity at Remitly Global

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the transaction, the insider now owns 3,873,811 shares of the company's stock, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction of $304,201.38. Following the sale, the chief executive officer now directly owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 82,012 shares of company stock worth $1,435,212 over the last three months. Company insiders own 8.10% of the company's stock.

Remitly Global Price Performance

Remitly Global stock traded up $0.43 during trading hours on Thursday, hitting $23.07. 1,060,539 shares of the stock traded hands, compared to its average volume of 1,716,915. The firm's 50 day moving average price is $19.44 and its 200-day moving average price is $15.45. The stock has a market capitalization of $4.57 billion, a price-to-earnings ratio of -65.91 and a beta of 0.10. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $23.09.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.07. The company had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. Remitly Global's quarterly revenue was up 39.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.20) EPS. Research analysts forecast 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.