Barclays PLC Buys 227,231 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Barclays PLC increased its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 19.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,408,402 shares of the financial services provider’s stock after buying an additional 227,231 shares during the quarter. Barclays PLC owned 0.71% of Remitly Global worth $18,858,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of RELY. Blue Trust Inc. bought a new position in shares of Remitly Global during the second quarter valued at $43,000. Advisors Asset Management Inc. lifted its holdings 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 purchasing an additional 1,466 shares during the last quarter. Assetmark Inc. acquired a new position in Remitly Global in the third quarter valued at about $76,000. FMR LLC grew 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 buying an additional 1,970 shares during the last quarter. Finally, nVerses Capital LLC increased its holdings in shares of Remitly Global by 2,900.0% during the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after buying an additional 8,700 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insider Activity

In related news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction of $570,492.18. Following the transaction, the chief executive officer now owns 4,542,613 shares in the company, valued at $64,595,956.86. The trade was a 0.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction 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 have sold 82,012 shares of company stock valued at $1,435,212 in the last ninety days. 8.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

RELY has been the topic of several recent analyst reports. Barclays boosted their target price on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. BMO Capital Markets increased their target price on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. JPMorgan Chase & Co. lifted their price target on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. JMP Securities upped their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company upgraded shares of Remitly Global from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.75.

Remitly Global Trading Down 2.9 %

Remitly Global stock opened at $20.74 on Friday. The company’s 50-day moving average is $18.02 and its two-hundred day moving average is $14.95. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $22.08. The company has a market cap of $4.11 billion, a PE ratio of -59.26 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating 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 business had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. During the same quarter in the previous year, the business earned ($0.20) earnings per share. Remitly Global’s revenue for the quarter was up 39.3% on a year-over-year basis. Research analysts forecast that Remitly Global, Inc. will post -0.23 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.