Remitly Global, Inc. (NASDAQ:RELY) Stock Position Lifted by ArrowMark Colorado Holdings LLC

ArrowMark Colorado Holdings LLC grew its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 34.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,774,069 shares of the financial services provider’s stock after purchasing an additional 1,220,806 shares during the period. Remitly Global makes up approximately 1.4% of ArrowMark Colorado Holdings LLC’s investment portfolio, making the stock its 18th largest holding. ArrowMark Colorado Holdings LLC owned 2.41% of Remitly Global worth $107,751,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in Remitly Global during the 4th quarter valued at about $1,228,000. DHK Financial Advisors Inc. bought a new position in shares of Remitly Global in the fourth quarter valued at approximately $273,000. Robeco Institutional Asset Management B.V. increased its stake in shares of Remitly Global by 8.8% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock valued at $13,689,000 after acquiring an additional 49,200 shares during the period. Bank of Montreal Can raised its holdings in Remitly Global by 3.6% during the fourth quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider’s stock worth $931,000 after purchasing an additional 1,435 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Remitly Global by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,246,582 shares of the financial services provider’s stock worth $28,135,000 after purchasing an additional 25,616 shares during the period. 74.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on RELY. JPMorgan Chase & Co. lifted their price target on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. KeyCorp lowered their target price on Remitly Global from $33.00 to $24.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Wells Fargo & Company upped their price target on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Finally, BMO Capital Markets raised their target price 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. 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 company currently has an average rating of “Moderate Buy” and an average price target of $28.50.

Remitly Global Stock Performance

Shares of NASDAQ:RELY opened at $20.94 on Friday. The firm has a 50 day simple moving average of $20.55 and a 200 day simple moving average of $21.16. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The company has a market cap of $4.27 billion, a PE ratio of -110.21 and a beta of 0.15.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.04. The business had revenue of $351.90 million during 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%. On average, equities analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, 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 value of $197,100.00. Following the transaction, the insider now owns 3,823,811 shares in the company, valued at $75,367,314.81. The trade was a 0.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the sale, the chief executive officer now directly owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,166 shares of company stock valued at $1,133,685 in the last 90 days. 8.10% of the stock is currently owned by corporate insiders.

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.