Point72 Hong Kong Ltd Buys Shares of 11,303 Remitly Global, Inc. (NASDAQ:RELY)

Point72 Hong Kong Ltd purchased a new position in Remitly Global, Inc. (NASDAQ:RELY) during the 3rd quarter, Holdings Channel reports. The fund purchased 11,303 shares of the financial services provider’s stock, valued at approximately $151,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD raised its stake in shares of Remitly Global by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 86,164 shares of the financial services provider’s stock worth $1,788,000 after buying an additional 5,596 shares during the period. Simplicity Wealth LLC raised its stake in Remitly Global by 11.7% during the 2nd quarter. Simplicity Wealth LLC now owns 11,756 shares of the financial services provider’s stock worth $142,000 after acquiring an additional 1,228 shares during the period. Renaissance Capital LLC lifted its holdings in Remitly Global by 45.8% during the second quarter. Renaissance Capital LLC now owns 129,337 shares of the financial services provider’s stock valued at $1,568,000 after purchasing an additional 40,608 shares in the last quarter. Oak Ridge Investments LLC bought a new position in shares of Remitly Global in the second quarter worth approximately $1,124,000. Finally, Blue Trust Inc. bought a new position in shares of Remitly Global in the second quarter worth approximately $43,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Trading Down 0.6 %

NASDAQ:RELY opened at $20.62 on Wednesday. The company has a market capitalization of $4.08 billion, a P/E ratio of -58.91 and a beta of 0.10. The business’s 50-day moving average is $16.79 and its 200 day moving average is $14.55. Remitly Global, Inc. has a 12 month low of $11.60 and a 12 month high of $22.08.

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. KeyCorp lifted their target price on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Barclays boosted their price objective on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. JMP Securities upped their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. Finally, BMO Capital Markets upped their price target on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.75.

Insiders Place Their Bets

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the transaction, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. This trade represents a 0.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the sale, the insider now directly 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. Insiders sold 67,429 shares of company stock valued at $1,131,011 in the last three months. Corporate insiders own 8.10% of the company’s stock.

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.