Silvercrest Asset Management Group LLC Purchases Shares of 233,662 Remitly Global, Inc. (NASDAQ:RELY)

Silvercrest Asset Management Group LLC purchased a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the fourth quarter, HoldingsChannel reports. The fund purchased 233,662 shares of the financial services provider’s stock, valued at approximately $5,274,000.

A number of other hedge funds have also recently bought and sold shares of the stock. ProShare Advisors LLC boosted its holdings in Remitly Global by 51.3% in the 4th quarter. ProShare Advisors LLC now owns 42,044 shares of the financial services provider’s stock valued at $949,000 after purchasing an additional 14,251 shares during the period. Man Group plc boosted its holdings in Remitly Global by 378.0% in the 4th quarter. Man Group plc now owns 484,748 shares of the financial services provider’s stock valued at $10,941,000 after purchasing an additional 383,332 shares during the period. Nuveen Asset Management LLC boosted its holdings in Remitly Global by 2.5% in the 4th quarter. Nuveen Asset Management LLC now owns 1,877,147 shares of the financial services provider’s stock valued at $42,367,000 after purchasing an additional 45,579 shares during the period. OMERS ADMINISTRATION Corp bought a new position in shares of Remitly Global during the 4th quarter worth about $485,000. Finally, Ogborne Capital Management LLC bought a new position in shares of Remitly Global during the 4th quarter worth about $3,975,000. 74.25% of the stock is owned by institutional investors.

Remitly Global Stock Down 0.1%

Shares of RELY stock opened at $22.79 on Monday. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $27.32. The company has a market capitalization of $4.65 billion, a P/E ratio of -119.95 and a beta of 0.16. The firm has a 50-day moving average price of $20.66 and a 200 day moving average price of $21.79.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The firm had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. During the same period last year, the firm posted ($0.11) EPS. The firm’s quarterly revenue was up 34.3% on a year-over-year basis. As a group, research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RELY. JMP Securities reaffirmed a “market outperform” rating and set a $32.00 price objective on shares of Remitly Global in a report on Thursday, April 10th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. Barclays raised their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. KeyCorp raised their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Finally, Monness Crespi & Hardt raised their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and a consensus price target of $28.88.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, major shareholder Ltd Naspers sold 11,900,000 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $22.89, for a total value of $272,391,000.00. Following the completion of the sale, the insider now owns 25,441,745 shares in the company, valued at approximately $582,361,543.05. This trade represents a 31.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were 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 of the company’s stock, valued at $83,602,896.03. The trade was a 0.34% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,977,301 shares of company stock worth $273,951,012. 7.50% of the stock is currently owned by corporate insiders.

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.