M&T Bank Corp Makes New $693,000 Investment in Remitly Global, Inc. (NASDAQ:RELY)

M&T Bank Corp acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 51,762 shares of the financial services provider’s stock, valued at approximately $693,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Barclays PLC raised its holdings in Remitly Global by 19.2% during the 3rd quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock valued at $18,858,000 after buying an additional 227,231 shares during the period. XTX Topco Ltd increased its position in Remitly Global by 4.0% during the third quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock valued at $194,000 after acquiring an additional 563 shares during the last quarter. Sora Investors LLC raised its stake in shares of Remitly Global by 75.0% in the third quarter. Sora Investors LLC now owns 175,000 shares of the financial services provider’s stock valued at $2,343,000 after acquiring an additional 75,000 shares during the period. Stifel Financial Corp lifted its holdings in shares of Remitly Global by 168.4% in the 3rd quarter. Stifel Financial Corp now owns 51,756 shares of the financial services provider’s stock worth $693,000 after acquiring an additional 32,473 shares during the last quarter. Finally, Quadrature Capital Ltd boosted its stake in shares of Remitly Global by 41.0% during the 3rd quarter. Quadrature Capital Ltd now owns 29,173 shares of the financial services provider’s stock worth $390,000 after purchasing an additional 8,487 shares during the period. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. JMP Securities raised their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. raised their price target on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. BMO Capital Markets upped their price objective on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. KeyCorp lifted their target price on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Finally, Barclays upped their price target on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.75.

Remitly Global Trading Up 4.7 %

Shares of Remitly Global stock opened at $21.72 on Tuesday. The stock’s fifty day moving average price is $18.20 and its 200-day moving average price is $15.02. The firm has a market cap of $4.30 billion, a P/E ratio of -62.06 and a beta of 0.10. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $22.08.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. During the same period in the prior year, the business earned ($0.20) EPS. The firm’s quarterly revenue was up 39.3% on a year-over-year basis. Analysts forecast that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Insider Activity at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the transaction, the chief executive officer now owns 4,542,613 shares in the company, valued at $64,595,956.86. The trade was a 0.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the sale, the insider now directly owns 151,576 shares of the company’s stock, valued at approximately $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 82,012 shares of company stock valued at $1,435,212 over the last ninety days. 8.10% of the stock is owned by company insiders.

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.