State of New Jersey Common Pension Fund D Buys New Stake in Remitly Global, Inc. (NASDAQ:RELY)

State of New Jersey Common Pension Fund D bought a new stake in Remitly Global, Inc. (NASDAQ:RELY) during the third quarter, according to its most recent filing with the SEC. The firm bought 145,851 shares of the financial services provider’s stock, valued at approximately $1,953,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of RELY. Principal Financial Group Inc. grew its position in Remitly Global by 10,213.8% in 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. WoodTrust Financial Corp grew its position in Remitly Global by 54.2% in the 3rd quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider’s stock worth $248,000 after purchasing an additional 6,500 shares during the last quarter. Simplicity Wealth LLC grew its position in Remitly Global by 11.7% in the 2nd 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 last quarter. Oak Ridge Investments LLC acquired a new stake in Remitly Global in the 2nd quarter worth $1,124,000. Finally, Price T Rowe Associates Inc. MD grew its position in Remitly Global by 6.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 86,164 shares of the financial services provider’s stock worth $1,788,000 after purchasing an additional 5,596 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’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 sale, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. The trade was a 0.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider now directly owns 151,576 shares in the company, valued at approximately $3,031,520. This represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 8.10% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RELY. Monness Crespi & Hardt lifted their target price 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. Wells Fargo & Company upgraded shares of 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 report on Thursday, October 31st. 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 report on Thursday, October 31st. BMO Capital Markets lifted their target price on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. Finally, JMP Securities lifted their target price on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. Two research 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, the company has an average rating of “Moderate Buy” and a consensus target price of $22.38.

Remitly Global Stock Down 1.0 %

NASDAQ:RELY opened at $19.64 on Monday. The stock’s 50 day moving average price is $15.24 and its two-hundred day moving average price is $14.07. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $22.49. The firm has a market capitalization of $3.89 billion, a price-to-earnings ratio of -56.11 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. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter last year, the company posted ($0.20) earnings per share. Remitly Global’s quarterly revenue was up 39.3% on a year-over-year basis. As a group, analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

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.