Caprock Group LLC Boosts Stake in Remitly Global, Inc. (NASDAQ:RELY)

Caprock Group LLC grew its position in Remitly Global, Inc. (NASDAQ:RELY) by 7.7% during the third quarter, HoldingsChannel.com reports. The fund owned 37,869 shares of the financial services provider’s stock after acquiring an additional 2,710 shares during the quarter. Caprock Group LLC’s holdings in Remitly Global were worth $507,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Millennium Management LLC increased its position in Remitly Global by 108.0% in the second quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock worth $48,333,000 after purchasing an additional 2,071,026 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of 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 buying an additional 2,001,198 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Remitly Global by 74.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock valued at $42,280,000 after acquiring an additional 1,487,680 shares during the last quarter. Herr Investment Group LLC bought a new position in shares of Remitly Global in the 2nd quarter valued at about $9,285,000. Finally, LB Partners LLC purchased a new position in Remitly Global in the second quarter worth about $5,736,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Price Performance

Remitly Global stock opened at $21.04 on Friday. The stock has a market cap of $4.17 billion, a price-to-earnings ratio of -60.11 and a beta of 0.03. The firm has a 50-day moving average of $15.75 and a two-hundred day moving average of $14.20. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $22.49.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. The company had revenue of $336.53 million for 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. Research analysts expect that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RELY shares. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. Monness Crespi & Hardt raised their price target on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. JMP Securities increased 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 note on Thursday, October 31st. JPMorgan Chase & Co. lifted their price target on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Finally, BMO Capital Markets increased their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 18th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $22.75.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the sale, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. This represents a 0.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the transaction, the insider now owns 151,576 shares in the company, valued at approximately $3,031,520. This represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,231 shares of company stock valued at $673,288. 8.10% of the stock is currently owned by corporate 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.