Trexquant Investment LP Has $14.14 Million Stake in Remitly Global, Inc. (NASDAQ:RELY)

Trexquant Investment LP lowered its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 16.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 626,262 shares of the financial services provider's stock after selling 119,010 shares during the quarter. Trexquant Investment LP owned approximately 0.32% of Remitly Global worth $14,135,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. XTX Topco Ltd increased its position in Remitly Global by 4.0% during the 3rd quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider's stock worth $194,000 after purchasing an additional 563 shares in the last quarter. Claro Advisors LLC increased its holdings in shares of Remitly Global by 5.2% during the fourth quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider's stock worth $287,000 after buying an additional 629 shares in the last quarter. Sei Investments Co. lifted its stake in shares of Remitly Global by 4.8% in the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock valued at $313,000 after acquiring an additional 636 shares during the last quarter. Values First Advisors Inc. boosted its holdings in shares of Remitly Global by 4.4% during the 4th quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider's stock valued at $349,000 after acquiring an additional 653 shares in the last quarter. Finally, Arizona State Retirement System grew its position in Remitly Global by 2.1% during the 4th quarter. Arizona State Retirement System now owns 42,453 shares of the financial services provider's stock worth $958,000 after acquiring an additional 886 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

A number of brokerages have recently commented on RELY. BMO Capital Markets lifted 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, February 20th. Wells Fargo & Company boosted their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. The Goldman Sachs Group decreased their price target on shares of Remitly Global from $33.00 to $26.00 and set a "buy" rating for the company in a research report on Wednesday. Barclays lifted their price target on shares of Remitly Global from $28.00 to $29.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Finally, JPMorgan Chase & Co. increased their price objective on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $27.25.

Remitly Global Trading Down 7.3 %

NASDAQ RELY traded down $1.47 during trading hours on Friday, hitting $18.66. 2,075,384 shares of the company's stock were exchanged, compared to its average volume of 1,929,991. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32. The stock has a 50-day simple moving average of $22.79 and a 200 day simple moving average of $20.28. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of -98.21 and a beta of 0.15.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. On average, sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the completion of the sale, the chief executive officer now directly owns 4,358,679 shares of the company's stock, valued at $109,882,297.59. The trade was a 0.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ankur Sinha sold 5,000 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now directly owns 397,805 shares in the company, valued at approximately $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,749 shares of company stock worth $1,081,736. Company insiders own 8.10% of the company's stock.

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.