Blueshift Asset Management LLC Takes $450,000 Position in Remitly Global, Inc. (NASDAQ:RELY)

Blueshift Asset Management LLC purchased a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 19,954 shares of the financial services provider’s stock, valued at approximately $450,000.

Other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Remitly Global during the fourth quarter valued at $1,228,000. M&T Bank Corp purchased a new position in Remitly Global in the third quarter valued at about $693,000. DHK Financial Advisors Inc. purchased a new position in Remitly Global in the fourth quarter valued at about $273,000. Robeco Institutional Asset Management B.V. grew its stake in Remitly Global by 8.8% in 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 last quarter. Finally, Neo Ivy Capital Management purchased a new position in Remitly Global in the third quarter valued at about $628,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Insider Buying and Selling

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the transaction, the insider now directly owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.31, for a total value of $281,597.73. Following the completion of the transaction, the chief executive officer now directly owns 4,329,513 shares of the company’s stock, valued at $83,602,896.03. The trade was a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,749 shares of company stock valued at $1,081,736 over the last quarter. 8.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. BMO Capital Markets lifted their target price on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. lifted their target price on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. The Goldman Sachs Group lifted their target price on Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Finally, Barclays lifted their target price on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.13.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $20.58 on Friday. The company has a market cap of $4.13 billion, a PE ratio of -108.32 and a beta of 0.07. The business has a 50-day simple moving average of $23.30 and a two-hundred day simple moving average of $19.71. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32.

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