Xponance Inc. Acquires New Position in Remitly Global, Inc. (NASDAQ:RELY)

Xponance Inc. bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,873 shares of the financial services provider’s stock, valued at approximately $245,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Global Retirement Partners LLC acquired a new stake in Remitly Global in the fourth quarter valued at $28,000. Advisors Asset Management Inc. raised its position in shares of 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 in the last quarter. R Squared Ltd purchased a new stake in Remitly Global during the fourth quarter worth approximately $89,000. FMR LLC boosted its holdings in Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 1,970 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in Remitly Global in the fourth quarter valued at approximately $135,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Down 1.2 %

Shares of NASDAQ:RELY opened at $20.93 on Friday. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The company has a 50-day moving average price of $23.07 and a 200 day moving average price of $20.02. The company has a market cap of $4.20 billion, a P/E ratio of -110.16 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS 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 business had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. Analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the transaction, the chief executive officer now directly owns 4,387,845 shares of the company’s stock, valued at approximately $101,534,733.30. The trade was a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the transaction, the insider now owns 397,805 shares of the company’s stock, valued at $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. In the last ninety days, insiders have sold 48,749 shares of company stock worth $1,081,736. Corporate insiders own 8.10% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on RELY. William Blair restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. The Goldman Sachs Group upped their price target on shares of Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Barclays raised their price objective 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. BMO Capital Markets raised their price target on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Finally, Wells Fargo & Company upped their price objective on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Remitly Global has a consensus rating of “Moderate Buy” and an average price target of $28.13.

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.