Vanguard Group Inc. Acquires 380,159 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Vanguard Group Inc. increased its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 2.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,651,053 shares of the financial services provider's stock after acquiring an additional 380,159 shares during the period. Vanguard Group Inc. owned about 7.40% of Remitly Global worth $330,674,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its holdings in Remitly Global by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,220,966 shares of the financial services provider's stock worth $16,349,000 after acquiring an additional 12,875 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Remitly Global by 1.4% during the third quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider's stock worth $1,159,000 after purchasing an additional 1,170 shares in the last quarter. FMR LLC lifted its position in shares of Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock worth $93,000 after purchasing an additional 1,970 shares in the last quarter. Edgestream Partners L.P. bought a new stake in shares of Remitly Global during the third quarter valued at approximately $637,000. Finally, Paloma Partners Management Co acquired a new stake in shares of Remitly Global in the third quarter valued at approximately $210,000. 74.25% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

Several research firms have issued reports on RELY. The Goldman Sachs Group reduced their price objective on Remitly Global from $33.00 to $26.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. JPMorgan Chase & Co. raised their price target on Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. William Blair reiterated an "outperform" rating on shares of Remitly Global in a research report on Thursday, February 20th. BMO Capital Markets upped 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, 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 research report on Monday, February 24th. One equities research 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 company has a consensus rating of "Moderate Buy" and an average price target of $27.25.

Remitly Global Price Performance

Shares of Remitly Global stock traded down $0.16 during trading on Tuesday, hitting $18.65. 1,872,051 shares of the company were exchanged, compared to its average volume of 1,935,094. The firm's fifty day moving average price is $22.50 and its 200 day moving average price is $20.37. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32. The firm has a market capitalization of $3.74 billion, a P/E ratio of -98.16 and a beta of 0.15.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. The company had revenue of $351.90 million during 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, equities research analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Buying and Selling

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the transaction, the chief executive officer now directly owns 4,358,679 shares of the company's stock, valued at $109,882,297.59. This represents a 0.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of the business'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 sale, the insider now owns 397,805 shares of the company's stock, valued at approximately $7,562,273.05. This represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders 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.