Edgestream Partners L.P. Cuts Stake in Remitly Global, Inc. (NASDAQ:RELY)

Edgestream Partners L.P. lowered its position in Remitly Global, Inc. (NASDAQ:RELY) by 33.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,634 shares of the financial services provider’s stock after selling 15,903 shares during the quarter. Edgestream Partners L.P.’s holdings in Remitly Global were worth $714,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Principal Financial Group Inc. boosted its stake in shares of Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after purchasing an additional 2,001,198 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of Remitly Global during the fourth quarter valued at approximately $1,228,000. M&T Bank Corp purchased a new stake in shares of Remitly Global during the third quarter valued at approximately $693,000. DHK Financial Advisors Inc. purchased a new stake in shares of Remitly Global during the fourth quarter valued at approximately $273,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of Remitly Global by 8.8% during the fourth 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 period. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the transaction, the chief executive officer now directly owns 4,387,845 shares in the company, valued at $101,534,733.30. This trade represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 8.10% of the company’s stock.

Remitly Global Trading Down 3.6 %

RELY opened at $19.75 on Thursday. The stock has a fifty day simple moving average of $23.67 and a two-hundred day simple moving average of $19.49. The company has a market cap of $3.96 billion, a price-to-earnings ratio of -103.95 and a beta of 0.07. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $27.32.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The business had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. On average, analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Barclays increased their price objective on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. The Goldman Sachs Group raised their price target on Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. BMO Capital Markets raised their price target on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. raised their price target on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Remitly Global has an average rating of “Moderate Buy” and an average price target of $28.13.

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.