Versor Investments LP Takes $594,000 Position in Remitly Global, Inc. (NASDAQ:RELY)

Versor Investments LP acquired a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 26,300 shares of the financial services provider's stock, valued at approximately $594,000.

Other institutional investors have also recently modified their holdings of the company. Global Retirement Partners LLC purchased a new position in shares of Remitly Global during the 4th quarter worth $28,000. Advisors Asset Management Inc. increased its stake in Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 1,466 shares during the last quarter. Assetmark Inc. purchased a new position in Remitly Global during the third quarter worth about $76,000. R Squared Ltd acquired a new stake in Remitly Global in the 4th quarter worth about $89,000. Finally, FMR LLC grew its holdings in Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider's stock valued at $93,000 after buying an additional 1,970 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Stock Down 3.4 %

Shares of RELY stock traded down $0.78 during mid-day trading on Wednesday, reaching $22.22. The company's stock had a trading volume of 3,500,300 shares, compared to its average volume of 2,004,471. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $27.32. The firm has a market capitalization of $4.46 billion, a PE ratio of -116.95 and a beta of 0.07. The company's 50 day simple moving average is $23.89 and its 200-day simple moving average is $19.24.

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Remitly Global (NASDAQ:RELY - Get Free Report) last announced its 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. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. As a group, research analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Analyst Ratings Changes

RELY has been the topic of several research analyst reports. Barclays raised their target price 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. Wells Fargo & Company increased their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 20th. William Blair reaffirmed an "outperform" rating on shares of Remitly Global in a research note on Thursday, February 20th. BMO Capital Markets increased their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. increased their price target on shares of Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $28.13.

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, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders have sold 43,749 shares of company stock worth $1,009,289. 8.10% of the stock is currently owned by corporate insiders.

About Remitly Global

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.