Marshall Wace LLP Increases Stake in Remitly Global, Inc. (NASDAQ:RELY)

Marshall Wace LLP raised its stake in Remitly Global, Inc. (NASDAQ:RELY) by 146.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,570,935 shares of the financial services provider’s stock after acquiring an additional 933,253 shares during the quarter. Marshall Wace LLP owned approximately 0.79% of Remitly Global worth $35,456,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of RELY. XTX Topco Ltd lifted its stake in shares of Remitly Global by 4.0% in the 3rd quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock valued at $194,000 after purchasing an additional 563 shares during the period. Claro Advisors LLC raised its position in shares of Remitly Global by 5.2% in the fourth quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock worth $287,000 after acquiring an additional 629 shares during the period. Sei Investments Co. boosted its stake in shares of Remitly Global by 4.8% during the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock worth $313,000 after acquiring an additional 636 shares in the last quarter. Values First Advisors Inc. grew its position in shares of Remitly Global by 4.4% during the 4th quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 653 shares during the period. Finally, Summit Investment Advisors Inc. increased its stake in shares of Remitly Global by 4.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 15,617 shares of the financial services provider’s stock valued at $352,000 after purchasing an additional 717 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. BMO Capital Markets increased their price target on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. JMP Securities reissued a “market outperform” rating and issued a $32.00 price target on shares of Remitly Global in a research note on Thursday, April 10th. The Goldman Sachs Group lowered their price target on Remitly Global from $33.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Barclays upped their target price on shares of Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Finally, William Blair reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $28.13.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $19.93 on Friday. The firm has a market capitalization of $4.00 billion, a PE ratio of -104.89 and a beta of 0.15. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The firm’s 50-day moving average is $21.68 and its two-hundred day moving average is $20.68.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The firm had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. Analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the transaction, the insider now owns 397,805 shares in the company, valued at $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the sale, the chief executive officer now directly owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. This represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,749 shares of company stock valued at $1,081,736 in the last three months. 8.10% of the stock is owned by corporate 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.