Dimensional Fund Advisors LP Increases Position in Remitly Global, Inc. (NASDAQ:RELY)

Dimensional Fund Advisors LP raised its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 6.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,257,182 shares of the financial services provider’s stock after purchasing an additional 128,366 shares during the period. Dimensional Fund Advisors LP’s holdings in Remitly Global were worth $50,946,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Global Retirement Partners LLC purchased a new position in shares of Remitly Global during the 4th quarter valued at about $28,000. R Squared Ltd bought a new stake in shares of Remitly Global in the 4th quarter worth approximately $89,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Remitly Global in the 4th quarter worth approximately $135,000. KBC Group NV lifted its holdings in shares of Remitly Global by 49.7% in the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 2,033 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of Remitly Global in the 4th quarter valued at $155,000. Institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

RELY has been the topic of a number of analyst reports. Wells Fargo & Company lifted their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. William Blair restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. JMP Securities reaffirmed a “market outperform” rating and issued a $32.00 price target on shares of Remitly Global in a research note on Thursday, April 10th. BMO Capital Markets increased 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. Finally, JPMorgan Chase & Co. lifted their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Remitly Global has an average rating of “Moderate Buy” and an average price target of $28.50.

Insiders Place Their Bets

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total value of $367,637.43. Following the completion of the transaction, the chief executive officer now directly owns 4,358,679 shares in the company, valued at $109,882,297.59. This trade represents a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joshua Hug sold 10,000 shares of the business’s stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $19.71, for a total transaction of $197,100.00. Following the sale, the insider now directly owns 3,823,811 shares in the company, valued at $75,367,314.81. The trade was a 0.26 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,166 shares of company stock worth $1,133,685. Company insiders own 8.10% of the company’s stock.

Remitly Global Stock Up 3.3 %

Shares of RELY stock opened at $20.94 on Friday. The firm has a market capitalization of $4.27 billion, a price-to-earnings ratio of -110.21 and a beta of 0.15. The stock has a fifty day moving average of $20.55 and a 200 day moving average of $21.16. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week 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 for the quarter, beating 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 firm had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Equities research analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share 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.