KLP Kapitalforvaltning AS Buys Shares of 30,700 Remitly Global, Inc. (NASDAQ:RELY)

KLP Kapitalforvaltning AS bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 30,700 shares of the financial services provider’s stock, valued at approximately $693,000.

Other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Remitly Global during the 4th quarter worth approximately $1,228,000. M&T Bank Corp purchased a new position in shares of Remitly Global during the third quarter worth $693,000. DHK Financial Advisors Inc. acquired a new stake in shares of Remitly Global in the fourth quarter valued at $273,000. Robeco Institutional Asset Management B.V. grew its stake in shares of Remitly Global by 8.8% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock valued at $13,689,000 after buying an additional 49,200 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new stake in shares of Remitly Global in the 3rd quarter valued at $628,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Stock Performance

NASDAQ:RELY opened at $20.94 on Wednesday. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The stock has a market cap of $4.20 billion, a P/E ratio of -110.21 and a beta of 0.07. The stock has a 50-day simple moving average of $22.98 and a 200-day simple moving average of $20.20.

Remitly Global (NASDAQ:RELY) last announced its quarterly 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 firm had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. On average, equities research analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Barclays upped their target price on shares of Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. The Goldman Sachs Group raised 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. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Finally, Wells Fargo & Company boosted their target price 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. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.13.

Insider Activity at Remitly Global

In related news, insider Ankur Sinha sold 5,000 shares of the firm’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 transaction, the insider now owns 397,805 shares in the company, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the transaction, the chief executive officer now directly owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,749 shares of company stock valued at $1,081,736 in the last ninety days. Insiders own 8.10% of the company’s stock.

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.