Teachers Retirement System of The State of Kentucky Raises Stock Position in Remitly Global, Inc. (NASDAQ:RELY)

Teachers Retirement System of The State of Kentucky increased its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 18.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 59,643 shares of the financial services provider’s stock after purchasing an additional 9,323 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Remitly Global were worth $799,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in RELY. Millennium Management LLC boosted its position in shares of Remitly Global by 108.0% in the second quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock worth $48,333,000 after buying an additional 2,071,026 shares during the period. Principal Financial Group Inc. lifted its position 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 in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Remitly Global by 74.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock worth $42,280,000 after acquiring an additional 1,487,680 shares during the period. Herr Investment Group LLC acquired a new stake in Remitly Global in the second quarter valued at approximately $9,285,000. Finally, LB Partners LLC purchased a new stake in shares of Remitly Global during the second quarter valued at approximately $5,736,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Stock Down 1.6 %

Shares of NASDAQ RELY opened at $21.38 on Thursday. The stock has a market capitalization of $4.23 billion, a P/E ratio of -61.09 and a beta of 0.10. The stock’s 50 day moving average price is $18.37 and its two-hundred day moving average price is $15.08. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $22.67.

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

Analyst Upgrades and Downgrades

RELY has been the subject of several analyst reports. Barclays upped their target price on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. JMP Securities raised their target price on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. 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. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $13.00 to $18.00 in a report on Thursday, October 31st. Finally, BMO Capital Markets lifted their price objective on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.75.

Insider Activity

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction of $304,201.38. Following the completion of the transaction, the chief executive officer now directly owns 4,417,011 shares in the company, valued at $92,138,849.46. This represents a 0.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the sale, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 82,012 shares of company stock valued at $1,435,212. Company 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.