Intech Investment Management LLC Takes $603,000 Position in Remitly Global, Inc. (NASDAQ:RELY)

Intech Investment Management LLC purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 45,008 shares of the financial services provider’s stock, valued at approximately $603,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Advisors Asset Management Inc. raised its holdings in shares of Remitly Global by 409.8% in the first quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,344 shares during the last quarter. Blue Trust Inc. acquired a new stake in Remitly Global in the 2nd quarter valued at about $43,000. Assetmark Inc. bought a new position in shares of Remitly Global in the third quarter worth about $76,000. nVerses Capital LLC lifted its position in shares of Remitly Global by 2,900.0% during the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 8,700 shares in the last quarter. Finally, Green Alpha Advisors LLC bought a new stake in shares of Remitly Global during the third quarter valued at approximately $144,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on RELY. Barclays upped their price objective on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. JPMorgan Chase & Co. lifted their price objective on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. KeyCorp upped 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. Finally, BMO Capital Markets lifted their price target 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 analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.75.

Insider Activity at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the sale, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 value of $570,492.18. Following the completion of the sale, the chief executive officer now directly owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,429 shares of company stock worth $1,131,011. Company insiders own 8.10% of the company’s stock.

Remitly Global Trading Down 1.3 %

RELY stock opened at $20.56 on Friday. The business’s 50 day simple moving average is $16.52 and its 200 day simple moving average is $14.45. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $22.08. The firm has a market capitalization of $4.07 billion, a PE ratio of -58.74 and a beta of 0.03.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.07. The company had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The firm’s revenue for the quarter was up 39.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.20) earnings per share. As a group, sell-side analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current fiscal 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.