R Squared Ltd Takes Position in Remitly Global, Inc. (NASDAQ:RELY)

R Squared Ltd acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 3,950 shares of the financial services provider’s stock, valued at approximately $89,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. DHK Financial Advisors Inc. bought a new position in Remitly Global in the fourth quarter valued at about $273,000. KBC Group NV increased its stake in shares of Remitly Global by 49.7% in the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock valued at $138,000 after buying an additional 2,033 shares during the period. Blue Trust Inc. increased its stake in shares of Remitly Global by 661.9% in the fourth quarter. Blue Trust Inc. now owns 17,135 shares of the financial services provider’s stock valued at $387,000 after buying an additional 14,886 shares during the period. Dakota Wealth Management bought a new position in Remitly Global in the 4th quarter valued at approximately $269,000. Finally, Claro Advisors LLC boosted its position in Remitly Global by 5.2% during the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock worth $287,000 after buying an additional 629 shares during the period. Institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

NASDAQ RELY opened at $23.73 on Friday. The stock has a market capitalization of $4.70 billion, a P/E ratio of -67.80 and a beta of 0.07. The business has a 50 day simple moving average of $22.20 and a 200 day simple moving average of $17.35. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $24.09.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 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 during the quarter, compared to the consensus estimate of $320.71 million. During the same quarter last year, the firm posted ($0.20) EPS. The company’s quarterly revenue was up 39.3% on a year-over-year basis. Equities analysts expect that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Insider Buying and Selling

In other Remitly Global news, 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 transaction of $457,722.76. Following the completion of the sale, the insider now directly owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were 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 of the company’s stock, valued at $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 56,476 shares of company stock valued at $1,202,171 over the last ninety days. 8.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RELY. KeyCorp upped their price target on shares of 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 company a “market outperform” rating in a report on Thursday, October 31st. Barclays lifted their target price on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Finally, Wells Fargo & Company increased their price target on Remitly Global from $18.00 to $21.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. One equities 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.com, Remitly Global presently has an average rating of “Moderate Buy” and an average price target of $23.13.

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.