Blueshift Asset Management LLC Takes Position in Remitly Global, Inc. (NASDAQ:RELY)

Blueshift Asset Management LLC purchased a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 19,954 shares of the financial services provider’s stock, valued at approximately $450,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Global Retirement Partners LLC purchased a new stake in shares of Remitly Global during the 4th quarter valued at about $28,000. R Squared Ltd purchased a new stake in shares of Remitly Global during the 4th quarter valued at about $89,000. Advisors Asset Management Inc. increased its position in shares of Remitly Global by 58.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 1,466 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Remitly Global during the 4th quarter valued at about $135,000. Finally, KBC Group NV increased its position in shares of Remitly Global by 49.7% during the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock valued at $138,000 after purchasing an additional 2,033 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

RELY has been the subject of several analyst reports. William Blair reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. The Goldman Sachs Group increased their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Barclays increased their target price on shares of Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. JPMorgan Chase & Co. increased their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Finally, Wells Fargo & Company increased their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Remitly Global currently has a consensus rating of “Moderate Buy” and an average target price of $28.13.

Remitly Global Price Performance

Shares of RELY opened at $20.58 on Friday. The firm has a market cap of $4.13 billion, a P/E ratio of -108.32 and a beta of 0.07. The company has a 50 day simple moving average of $23.30 and a two-hundred day simple moving average of $19.71. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The company had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. On average, sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Buying and Selling

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the sale, the insider now owns 397,805 shares in the company, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.31, for a total value of $281,597.73. Following the completion of the sale, the chief executive officer now owns 4,329,513 shares in the company, valued at approximately $83,602,896.03. The trade was a 0.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,749 shares of company stock worth $1,081,736 over the last three months. 8.10% of the stock is owned by insiders.

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.