Russell Investments Group Ltd. Has $2.81 Million Stock Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Russell Investments Group Ltd. boosted its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 168.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 124,600 shares of the financial services provider’s stock after purchasing an additional 78,256 shares during the quarter. Russell Investments Group Ltd.’s holdings in Remitly Global were worth $2,812,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. XTX Topco Ltd lifted its stake in shares of 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 buying an additional 563 shares during the period. Claro Advisors LLC lifted its position in shares of Remitly Global by 5.2% in the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock worth $287,000 after acquiring an additional 629 shares during the period. Sei Investments Co. lifted its position in shares of Remitly Global by 4.8% in the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock worth $313,000 after acquiring an additional 636 shares during the period. Values First Advisors Inc. grew its holdings in shares of Remitly Global by 4.4% during the 4th quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 653 shares in the last quarter. Finally, Arizona State Retirement System increased its position in shares of Remitly Global by 2.1% during the fourth quarter. Arizona State Retirement System now owns 42,453 shares of the financial services provider’s stock valued at $958,000 after purchasing an additional 886 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s 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 transaction, the chief executive officer now owns 4,387,845 shares of the company’s stock, valued at $101,534,733.30. This represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the sale, the insider now owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,749 shares of company stock worth $1,081,736. 8.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently commented on RELY. BMO Capital Markets raised their target price on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. JMP Securities reiterated a “market outperform” rating and set a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. William Blair reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. The Goldman Sachs Group cut their price target on shares of Remitly Global from $33.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. lifted their price objective on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a report 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, Remitly Global currently has an average rating of “Moderate Buy” and an average price target of $28.13.

Remitly Global Stock Up 0.5 %

Shares of RELY stock opened at $19.93 on Friday. The company has a market capitalization of $4.00 billion, a P/E ratio of -104.89 and a beta of 0.15. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $27.32. The firm has a 50-day moving average price of $21.79 and a 200 day moving average price of $20.64.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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, research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Remitly Global Company 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.