WoodTrust Financial Corp Buys 6,500 Shares of Remitly Global, Inc. (NASDAQ:RELY)

WoodTrust Financial Corp boosted its stake in Remitly Global, Inc. (NASDAQ:RELY) by 54.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,500 shares of the financial services provider’s stock after acquiring an additional 6,500 shares during the period. WoodTrust Financial Corp’s holdings in Remitly Global were worth $248,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RELY. American International Group Inc. grew its stake in shares of Remitly Global by 1.3% during the 1st quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock worth $1,391,000 after acquiring an additional 871 shares during the period. Simplicity Wealth LLC boosted its position in Remitly Global by 11.7% during the second quarter. Simplicity Wealth LLC now owns 11,756 shares of the financial services provider’s stock worth $142,000 after purchasing an additional 1,228 shares during the period. Principal Financial Group Inc. increased its stake in shares of Remitly Global by 7.1% in the second quarter. Principal Financial Group Inc. now owns 19,593 shares of the financial services provider’s stock worth $237,000 after purchasing an additional 1,296 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of Remitly Global by 409.8% in the first quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,344 shares during the period. Finally, Arizona State Retirement System lifted its stake in shares of Remitly Global by 3.7% during the 2nd quarter. Arizona State Retirement System now owns 39,579 shares of the financial services provider’s stock valued at $480,000 after buying an additional 1,415 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Barclays lifted their price objective on shares of Remitly Global from $16.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday. KeyCorp lifted their price target on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. JMP Securities increased their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. Monness Crespi & Hardt raised their target price on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. upped their price target on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.38.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the sale, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 8.10% of the company’s stock.

Remitly Global Stock Up 1.9 %

Shares of NASDAQ RELY opened at $19.73 on Thursday. The stock’s 50-day simple moving average is $14.38 and its two-hundred day simple moving average is $14.00. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $23.01. The firm has a market capitalization of $3.91 billion, a P/E ratio of -56.37 and a beta of 0.03.

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

Remitly Global 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.