Pictet Asset Management Holding SA Has $4.70 Million Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Pictet Asset Management Holding SA grew its position in Remitly Global, Inc. (NASDAQ:RELY) by 354.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 208,010 shares of the financial services provider’s stock after buying an additional 162,248 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.11% of Remitly Global worth $4,695,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Remitly Global by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,220,966 shares of the financial services provider’s stock valued at $16,349,000 after purchasing an additional 12,875 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Remitly Global by 1.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider’s stock valued at $1,159,000 after buying an additional 1,170 shares during the period. FMR LLC grew its holdings in shares of Remitly Global by 39.8% during the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 1,970 shares in the last quarter. Edgestream Partners L.P. acquired a new position in shares of Remitly Global in the third quarter worth $637,000. Finally, Paloma Partners Management Co purchased a new stake in shares of Remitly Global during the third quarter worth $210,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insider Activity at Remitly Global

In other news, insider Ankur Sinha sold 5,000 shares of the 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 completion of the transaction, the insider now owns 397,805 shares in the company, valued at approximately $7,562,273.05. This represents a 1.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.31, for a total transaction of $281,597.73. Following the transaction, the chief executive officer now directly 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,749 shares of company stock worth $1,081,736. Company insiders own 8.10% of the company’s stock.

Remitly Global Stock Down 7.3 %

Shares of NASDAQ:RELY opened at $18.66 on Friday. The company has a market cap of $3.74 billion, a price-to-earnings ratio of -98.21 and a beta of 0.07. The business has a 50 day moving average price of $22.79 and a 200 day moving average price of $20.24. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.32.

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

Wall Street Analysts Forecast Growth

RELY has been the topic of a number of research reports. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. BMO Capital Markets upped their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Wells Fargo & Company raised their target price on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. The Goldman Sachs Group decreased their price target on Remitly Global from $33.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, JPMorgan Chase & Co. raised their price objective on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.25.

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.