Robeco Institutional Asset Management B.V. Has $13.69 Million Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Robeco Institutional Asset Management B.V. boosted its stake in Remitly Global, Inc. (NASDAQ:RELY) by 8.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 606,500 shares of the financial services provider’s stock after purchasing an additional 49,200 shares during the period. Robeco Institutional Asset Management B.V. owned about 0.31% of Remitly Global worth $13,689,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. XTX Topco Ltd increased its holdings in Remitly Global by 4.0% in the third quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock valued at $194,000 after purchasing an additional 563 shares during the period. Claro Advisors LLC increased its holdings in Remitly Global by 5.2% in the fourth quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 629 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Remitly Global by 1.4% in the third quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider’s stock valued at $1,159,000 after purchasing an additional 1,170 shares during the period. Advisors Asset Management Inc. grew its holdings in Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 1,466 shares during the period. Finally, FMR LLC grew its holdings in Remitly Global by 39.8% during the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 1,970 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Price Performance

RELY stock opened at $23.50 on Friday. The stock has a market capitalization of $4.65 billion, a PE ratio of -67.14 and a beta of 0.07. The company’s 50-day moving average is $22.25 and its 200-day moving average is $17.42. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $24.09.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The business had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter last year, the firm earned ($0.20) EPS. The firm’s revenue for the quarter was up 39.3% compared to the same quarter last year. On average, analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RELY has been the subject of a number of recent analyst reports. KeyCorp increased their price target on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. JMP Securities increased their price target on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. Wells Fargo & Company increased their price target on Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Finally, Barclays increased their price target on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $23.13.

Insider Activity at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the transaction, the chief executive officer now owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. This trade represents a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the transaction, the insider now directly owns 151,576 shares in the company, valued at approximately $3,031,520. The trade was a 2.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,476 shares of company stock valued at $1,202,171. 8.10% of the stock is 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.