Legato Capital Management LLC Purchases Shares of 48,045 Remitly Global, Inc. (NASDAQ:RELY)

Legato Capital Management LLC acquired a new position in Remitly Global, Inc. (NASDAQ:RELY) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 48,045 shares of the financial services provider’s stock, valued at approximately $1,084,000.

Several other hedge funds have also modified their holdings of RELY. XTX Topco Ltd increased its position in Remitly Global by 4.0% in the third quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock worth $194,000 after purchasing an additional 563 shares during the last quarter. Claro Advisors LLC raised its position in shares of Remitly Global by 5.2% during the 4th quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock valued at $287,000 after buying an additional 629 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Remitly Global by 1.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider’s stock valued at $1,159,000 after buying an additional 1,170 shares in the last quarter. Advisors Asset Management Inc. grew its position in Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 1,466 shares in the last quarter. Finally, FMR LLC increased its stake in 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 acquiring an additional 1,970 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the sale, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the transaction, the chief executive officer now directly owns 4,358,679 shares in the company, valued at $109,882,297.59. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 67,059 shares of company stock worth $1,489,808. Insiders own 8.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RELY shares. KeyCorp lifted their target price on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. JMP Securities lifted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Wells Fargo & Company increased their target price on shares of Remitly Global from $18.00 to $21.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Finally, Barclays lifted their price target on shares of Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $23.75.

Remitly Global Trading Down 0.7 %

RELY stock opened at $25.05 on Thursday. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $25.78. The business’s fifty day simple moving average is $22.94 and its two-hundred day simple moving average is $18.09.

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.