BNP Paribas Financial Markets Takes Position in Remitly Global, Inc. (NASDAQ:RELY)

BNP Paribas Financial Markets bought a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 412,079 shares of the financial services provider’s stock, valued at approximately $9,301,000. BNP Paribas Financial Markets owned about 0.21% of Remitly Global as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of RELY. Norges Bank bought a new position in shares of Remitly Global during the fourth quarter valued at approximately $66,169,000. Principal Financial Group Inc. grew its stake in shares of Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after buying an additional 2,001,198 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Remitly Global by 1,032.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider’s stock valued at $31,614,000 after buying an additional 1,276,991 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its holdings in shares of Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock valued at $107,751,000 after purchasing an additional 1,220,806 shares during the period. Finally, Marshall Wace LLP boosted its holdings in shares of Remitly Global by 146.4% in the fourth quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider’s stock valued at $35,456,000 after purchasing an additional 933,253 shares during the period. Institutional investors own 74.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on RELY. JPMorgan Chase & Co. boosted their price target on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. KeyCorp boosted their price target on Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday. BMO Capital Markets upped their target price on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. JMP Securities restated a “market outperform” rating and set a $32.00 target price on shares of Remitly Global in a report on Thursday, April 10th. Finally, Barclays increased their price objective on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, February 24th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.13.

Insider Activity

In other news, insider Joshua Hug sold 37,718 shares of the firm’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $21.05, for a total transaction of $793,963.90. Following the sale, the insider now directly owns 3,776,093 shares in the company, valued at $79,486,757.65. This trade represents a 0.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $19.31, for a total value of $281,597.73. Following the sale, the chief executive officer now owns 4,329,513 shares in the company, valued at $83,602,896.03. This trade represents a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 77,301 shares of company stock worth $1,560,012 in the last ninety days. Company insiders own 7.50% of the company’s stock.

Remitly Global Price Performance

NASDAQ RELY opened at $23.86 on Monday. The stock’s fifty day moving average price is $20.42 and its 200 day moving average price is $21.52. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The company has a market cap of $4.86 billion, a price-to-earnings ratio of -125.58 and a beta of 0.16.

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

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.