ArrowMark Colorado Holdings LLC Acquires 431,987 Shares of Remitly Global, Inc. (NASDAQ:RELY)

ArrowMark Colorado Holdings LLC boosted its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 13.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,553,263 shares of the financial services provider’s stock after purchasing an additional 431,987 shares during the quarter. ArrowMark Colorado Holdings LLC owned about 1.79% of Remitly Global worth $47,578,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in RELY. Millennium Management LLC raised its position in shares of Remitly Global by 108.0% in the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock worth $48,333,000 after purchasing an additional 2,071,026 shares during the last quarter. 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 valued at $27,058,000 after purchasing an additional 2,001,198 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Remitly Global by 74.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock worth $42,280,000 after buying an additional 1,487,680 shares during the last quarter. Herr Investment Group LLC bought a new position in shares of Remitly Global in the second quarter worth approximately $9,285,000. Finally, LB Partners LLC bought a new position in shares of Remitly Global in the second quarter worth approximately $5,736,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. This trade represents a 0.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 151,576 shares of the company’s stock, valued at approximately $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 sold 67,429 shares of company stock worth $1,131,011 in the last three months. Corporate insiders own 8.10% of the company’s stock.

Remitly Global Stock Down 1.3 %

NASDAQ RELY opened at $20.56 on Monday. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $22.08. The firm has a market capitalization of $4.07 billion, a P/E ratio of -58.74 and a beta of 0.03. The company has a 50-day moving average price of $16.52 and a 200-day moving average price of $14.45.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The business had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The firm’s revenue was up 39.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.20) earnings per share. As a group, equities research analysts anticipate that Remitly Global, Inc. will post -0.23 EPS for the current year.

Analyst Ratings Changes

RELY has been the topic of several analyst reports. JMP Securities upped their price objective on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. KeyCorp increased their price objective on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. lifted their price objective on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Barclays upped their target price on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Finally, Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $13.00 to $18.00 in a report on Thursday, October 31st. 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, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.75.

About Remitly Global

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.