Oppenheimer & Co. Inc. Invests $956,000 in Remitly Global, Inc. (NASDAQ:RELY)

Oppenheimer & Co. Inc. acquired a new position in Remitly Global, Inc. (NASDAQ:RELY) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 42,365 shares of the financial services provider’s stock, valued at approximately $956,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Principal Financial Group Inc. lifted its stake in shares of Remitly Global by 10,213.8% in the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after buying an additional 2,001,198 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Remitly Global in the fourth quarter worth $1,228,000. M&T Bank Corp acquired a new stake in shares of Remitly Global in the third quarter worth $693,000. DHK Financial Advisors Inc. acquired a new position in Remitly Global during the 4th quarter valued at $273,000. Finally, Robeco Institutional Asset Management B.V. raised its stake in Remitly Global by 8.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock valued at $13,689,000 after purchasing an additional 49,200 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 news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the sale, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at approximately $109,882,297.59. This represents a 0.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 43,749 shares of company stock valued at $1,009,289. 8.10% of the stock is owned by insiders.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $23.00 on Wednesday. The firm has a market capitalization of $4.61 billion, a PE ratio of -121.05 and a beta of 0.07. The company’s fifty day moving average price is $23.88 and its two-hundred day moving average price is $19.18. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $27.32.

Remitly Global (NASDAQ:RELY) last posted 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 business had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RELY has been the subject of several research analyst reports. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Wells Fargo & Company upped their target price on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. 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 note on Monday, February 24th. BMO Capital Markets upped their target price on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Finally, The Goldman Sachs Group upped their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and a consensus price target of $28.13.

Remitly Global Company 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.