Blue Trust Inc. Increases Stake in Remitly Global, Inc. (NASDAQ:RELY)

Blue Trust Inc. grew its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 661.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,135 shares of the financial services provider’s stock after purchasing an additional 14,886 shares during the quarter. Blue Trust Inc.’s holdings in Remitly Global were worth $387,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Advisors Asset Management Inc. boosted its position in 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 buying an additional 1,466 shares during the period. Assetmark Inc. bought a new position in shares of Remitly Global during the third quarter valued at about $76,000. FMR LLC boosted its holdings in shares of Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,970 shares during the period. Green Alpha Advisors LLC purchased a new stake in shares of Remitly Global during the third quarter worth about $144,000. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Remitly Global in the third quarter worth about $151,000. Institutional investors own 74.25% of the company’s stock.

Insider Activity

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total transaction of $304,201.38. Following the sale, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at $92,138,849.46. This trade represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the sale, the insider now owns 151,576 shares of the company’s stock, valued at $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,476 shares of company stock worth $1,202,171 over the last three months. 8.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. JMP Securities upped their price target on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. Barclays upped their target price on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Wells Fargo & Company lifted their price target on shares of Remitly Global from $18.00 to $21.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Finally, KeyCorp upped their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.13.

Remitly Global Trading Down 1.0 %

RELY opened at $23.50 on Friday. The company has a market cap of $4.65 billion, a price-to-earnings ratio of -67.14 and a beta of 0.07. The stock has a fifty day simple moving average of $22.25 and a two-hundred day simple moving average of $17.44. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $24.09.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results 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. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same period last year, the business earned ($0.20) EPS. Remitly Global’s quarterly revenue was up 39.3% compared to the same quarter last year. On average, analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current year.

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.