State of New Jersey Common Pension Fund D Has $2.37 Million Position in Remitly Global, Inc. (NASDAQ:RELY)

State of New Jersey Common Pension Fund D lowered its stake in Remitly Global, Inc. (NASDAQ:RELY) by 27.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 105,116 shares of the financial services provider’s stock after selling 40,735 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Remitly Global were worth $2,372,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Baillie Gifford & Co. increased its holdings in shares of Remitly Global by 1.6% in the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock valued at $211,827,000 after purchasing an additional 150,602 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Remitly Global by 4.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock worth $48,980,000 after acquiring an additional 169,454 shares during the period. ArrowMark Colorado Holdings LLC grew its holdings in Remitly Global by 13.8% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock worth $47,578,000 after acquiring an additional 431,987 shares during the period. Geode Capital Management LLC grew its holdings in Remitly Global by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock worth $46,601,000 after acquiring an additional 107,468 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after acquiring an additional 2,001,198 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Down 0.5 %

Shares of NASDAQ RELY opened at $25.79 on Friday. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of -73.69 and a beta of 0.07. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.32. The company’s fifty day moving average is $23.58 and its 200-day moving average is $18.60.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data 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. The business had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. On average, research analysts anticipate that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Insider Activity at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the sale, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at approximately $92,138,849.46. The trade was a 0.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares in the company, valued at $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 65,947 shares of company stock valued at $1,467,012. 8.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RELY. KeyCorp lifted their target price on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. lifted their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday. The Goldman Sachs Group lifted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday. BMO Capital Markets lifted their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Barclays lifted their target price on shares of Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

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.