PDT Partners LLC Takes $2.05 Million Position in Remitly Global, Inc. (NASDAQ:RELY)

PDT Partners LLC acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) in the 4th quarter, HoldingsChannel reports. The firm acquired 90,781 shares of the financial services provider’s stock, valued at approximately $2,049,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RELY. Norges Bank purchased a new stake in Remitly Global during the 4th quarter valued at approximately $66,169,000. Principal Financial Group Inc. raised 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 valued at $27,058,000 after acquiring an additional 2,001,198 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Remitly Global by 1,032.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider’s stock valued at $31,614,000 after acquiring an additional 1,276,991 shares during the last quarter. Marshall Wace LLP raised its stake in Remitly Global by 146.4% during the 4th quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider’s stock valued at $35,456,000 after acquiring an additional 933,253 shares during the last quarter. Finally, Lord Abbett & CO. LLC purchased a new stake in Remitly Global during the 4th quarter valued at approximately $19,312,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Joshua Hug sold 10,000 shares of the stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $19.71, for a total transaction of $197,100.00. Following the transaction, the insider now owns 3,823,811 shares of the company’s stock, valued at $75,367,314.81. This represents a 0.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 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 approximately $109,882,297.59. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,166 shares of company stock worth $1,133,685. 8.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have commented on the company. BMO Capital Markets upped their price objective on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. KeyCorp cut their target price on Remitly Global from $33.00 to $24.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. increased their target price on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Wells Fargo & Company increased their target price on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Finally, JMP Securities reissued 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 investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $28.50.

Remitly Global Price Performance

RELY opened at $20.41 on Wednesday. The stock has a market cap of $4.09 billion, a P/E ratio of -107.42 and a beta of 0.15. The stock’s 50 day simple moving average is $20.89 and its 200 day simple moving average is $21.07. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. The firm had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. Research analysts expect that Remitly Global, Inc. will post -0.04 EPS 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.