45,702 Shares in Remitly Global, Inc. (NASDAQ:RELY) Bought by SVB Wealth LLC

SVB Wealth LLC bought a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 45,702 shares of the financial services provider's stock, valued at approximately $1,031,000.

Other institutional investors have also added to or reduced their stakes in the company. WoodTrust Financial Corp lifted its position in shares of Remitly Global by 54.2% in the 3rd quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider's stock worth $248,000 after purchasing an additional 6,500 shares during the period. Principal Financial Group Inc. lifted its holdings in Remitly Global by 10,213.8% in 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. Assetmark Inc. acquired a new position in Remitly Global in the third quarter valued at $76,000. State of New Jersey Common Pension Fund D acquired a new stake in Remitly Global during the 3rd quarter worth about $1,953,000. Finally, GSA Capital Partners LLP grew its holdings in Remitly Global by 30.2% during the 3rd quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider's stock worth $3,517,000 after acquiring an additional 60,991 shares during the period. 74.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the transaction, the chief executive officer now directly owns 4,387,845 shares in the company, valued at approximately $101,534,733.30. The trade was a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 43,749 shares of company stock worth $1,009,289. 8.10% of the stock is owned by corporate insiders.

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Remitly Global Stock Performance

Shares of Remitly Global stock traded down $1.08 during trading hours on Thursday, reaching $21.14. The company's stock had a trading volume of 1,262,856 shares, compared to its average volume of 1,985,056. The company has a market capitalization of $4.24 billion, a P/E ratio of -111.25 and a beta of 0.07. The stock's fifty day simple moving average is $23.88 and its two-hundred day simple moving average is $19.26. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.04. The business had revenue of $351.90 million for the quarter, compared to analysts' expectations of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. As a group, research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Analyst Ratings Changes

RELY has been the topic of a number of recent analyst reports. William Blair reissued an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. Barclays increased their price target on Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. The Goldman Sachs Group lifted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, February 20th. BMO Capital Markets boosted their target price 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. Finally, Wells Fargo & Company lifted their price target on shares of Remitly Global from $21.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $28.13.

Remitly Global Company 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.