C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Buys New Holdings in Remitly Global, Inc. (NASDAQ:RELY)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,872 shares of the financial services provider’s stock, valued at approximately $155,000.

A number of other large investors have also modified their holdings of RELY. Principal Financial Group Inc. raised its stake in shares of Remitly Global by 10,213.8% in 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 purchasing an additional 2,001,198 shares in the last quarter. ArrowMark Colorado Holdings LLC raised its stake in Remitly Global by 13.8% during the third quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock worth $47,578,000 after acquiring an additional 431,987 shares in the last quarter. Barclays PLC raised its stake in Remitly Global by 19.2% during the third quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock worth $18,858,000 after acquiring an additional 227,231 shares in the last quarter. Portolan Capital Management LLC raised its stake in Remitly Global by 96.3% during the third quarter. Portolan Capital Management LLC now owns 353,054 shares of the financial services provider’s stock worth $4,727,000 after acquiring an additional 173,162 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Remitly Global by 4.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock worth $48,980,000 after acquiring an additional 169,454 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Stock Performance

Shares of NASDAQ:RELY opened at $27.14 on Friday. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.24. The firm has a market cap of $5.38 billion, a PE ratio of -77.54 and a beta of 0.07. The business has a fifty day moving average of $23.17 and a 200-day moving average of $18.24.

Insider Activity at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the transaction, the insider now owns 3,873,811 shares in the company, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their ownership of the stock. 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 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 owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,059 shares of company stock worth $1,489,808 over the last 90 days. Insiders own 8.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on RELY shares. Wells Fargo & Company increased their price objective on Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. JMP Securities increased their price objective on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Barclays increased their price objective on Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, KeyCorp raised their target price on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $23.75.

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.