Mariner LLC Purchases 23,935 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Mariner LLC grew its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 29.6% in the fourth quarter, HoldingsChannel reports. The fund owned 104,825 shares of the financial services provider’s stock after buying an additional 23,935 shares during the period. Mariner LLC’s holdings in Remitly Global were worth $2,366,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in Remitly Global by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider’s stock worth $330,674,000 after purchasing an additional 380,159 shares in the last quarter. Baillie Gifford & Co. raised its position in shares of Remitly Global by 1.6% in the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock valued at $211,827,000 after buying an additional 150,602 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Remitly Global by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock valued at $79,666,000 after buying an additional 49,281 shares during the period. Norges Bank acquired a new stake in Remitly Global during the fourth quarter worth approximately $66,169,000. Finally, Principal Financial Group Inc. increased its stake in Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after acquiring an additional 2,001,198 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.31, for a total transaction of $281,597.73. Following the completion of the sale, the chief executive officer now owns 4,329,513 shares in the company, valued at approximately $83,602,896.03. This represents a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now owns 397,805 shares in the company, valued at approximately $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,166 shares of company stock worth $1,133,685 in the last ninety days. Corporate insiders own 8.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RELY. BMO Capital Markets upped their target price on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. raised their target price on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Wells Fargo & Company boosted their target price on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. William Blair reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. Finally, JMP Securities restated a “market outperform” rating and set a $32.00 target price on shares of Remitly Global in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.13.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $19.35 on Wednesday. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The business’s 50-day moving average is $21.43 and its 200-day moving average is $20.82. The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of -101.84 and a beta of 0.15.

Remitly Global (NASDAQ:RELY) last posted its quarterly 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. The business had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. Analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Remitly Global Company 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.