Cibc World Markets Corp Purchases Shares of 13,970 Remitly Global, Inc. (NASDAQ:RELY)

Cibc World Markets Corp purchased a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,970 shares of the financial services provider’s stock, valued at approximately $315,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Global Retirement Partners LLC bought a new stake in Remitly Global in the 4th quarter valued at $28,000. R Squared Ltd bought a new position in shares of Remitly Global in the 4th quarter valued at $89,000. Advisors Asset Management Inc. lifted its holdings in shares of 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 worth $53,000 after acquiring an additional 1,466 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Remitly Global in the fourth quarter valued at approximately $135,000. Finally, KBC Group NV grew its position in Remitly Global by 49.7% during the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 2,033 shares during the last quarter. Institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on RELY shares. BMO Capital Markets lifted their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Wells Fargo & Company upped their price target on 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 reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. JPMorgan Chase & Co. upped their price target on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Finally, Barclays lifted 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. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Remitly Global has a consensus rating of “Moderate Buy” and an average target price of $28.13.

Insider Transactions at Remitly Global

In other Remitly Global news, 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 transaction of $95,050.00. Following the sale, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the sale, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,749 shares of company stock valued at $1,081,736 over the last three months. Corporate insiders own 8.10% of the company’s stock.

Remitly Global Trading Up 3.1 %

NASDAQ RELY opened at $20.96 on Tuesday. The stock has a market cap of $4.20 billion, a P/E ratio of -110.32 and a beta of 0.07. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $27.32. The stock’s fifty day moving average price is $23.22 and its 200-day moving average price is $19.90.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data 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 net margin of 2.93% and a negative return on equity of 6.10%. The firm had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. As a group, analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

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.