Massachusetts Financial Services Co. MA Has $48.98 Million Stock Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Massachusetts Financial Services Co. MA raised its stake in Remitly Global, Inc. (NASDAQ:RELY) by 4.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 3,657,924 shares of the financial services provider’s stock after buying an additional 169,454 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Remitly Global were worth $48,980,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Millennium Management LLC grew its stake in Remitly Global by 108.0% in the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after buying an additional 2,071,026 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Remitly Global by 25.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock worth $25,843,000 after purchasing an additional 435,827 shares during the period. Principal Financial Group Inc. lifted its holdings 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 purchasing an additional 2,001,198 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Remitly Global by 76.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 915,319 shares of the financial services provider’s stock valued at $11,094,000 after purchasing an additional 396,264 shares during the period. Finally, Herr Investment Group LLC bought a new stake in Remitly Global in the 2nd quarter valued at $9,285,000. 74.25% of the stock is owned by institutional investors.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 151,576 shares in the company, valued at approximately $3,031,520. This trade represents a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s 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 transaction, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. The trade was a 0.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 45,231 shares of company stock valued at $673,288. 8.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. BMO Capital Markets lifted their target price on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. Barclays lifted their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. KeyCorp increased their target price on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Monness Crespi & Hardt lifted their price target on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. increased their price target on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Two investment analysts have 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 has a consensus rating of “Moderate Buy” and an average target price of $22.75.

Remitly Global Price Performance

Shares of RELY opened at $21.04 on Monday. The firm has a 50 day simple moving average of $15.88 and a two-hundred day simple moving average of $14.23. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $22.49. The company has a market cap of $4.17 billion, a P/E ratio of -60.11 and a beta of 0.03.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results 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 company had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. Remitly Global’s revenue was up 39.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.20) EPS. On average, analysts expect that Remitly Global, Inc. will post -0.23 earnings per share 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.