Portolan Capital Management LLC Raises Position in Remitly Global, Inc. (NASDAQ:RELY)

Portolan Capital Management LLC raised its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 96.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 353,054 shares of the financial services provider’s stock after buying an additional 173,162 shares during the quarter. Portolan Capital Management LLC owned about 0.18% of Remitly Global worth $4,727,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. purchased a new position in shares of Remitly Global during the second quarter worth about $43,000. Advisors Asset Management Inc. grew its stake in Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after buying an additional 1,466 shares in the last quarter. Assetmark Inc. purchased a new position in Remitly Global in the 3rd quarter worth approximately $76,000. FMR LLC increased its holdings in shares of Remitly Global by 39.8% in the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after buying an additional 1,970 shares during the last quarter. Finally, nVerses Capital LLC raised its position in shares of Remitly Global by 2,900.0% during the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock valued at $109,000 after buying an additional 8,700 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Trading Down 0.6 %

RELY stock opened at $20.62 on Wednesday. The firm’s 50-day moving average price is $16.79 and its two-hundred day moving average price is $14.55. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of -58.91 and a beta of 0.10. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $22.08.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The business had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. Remitly Global’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.20) EPS. Equities analysts predict that Remitly Global, Inc. will post -0.23 EPS for the current year.

Insider Activity at Remitly Global

In other news, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the sale, the insider now directly owns 151,576 shares of the company’s stock, valued at approximately $3,031,520. This trade represents a 2.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction of $570,492.18. Following the transaction, the chief executive officer now owns 4,542,613 shares in the company, valued at $64,595,956.86. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,429 shares of company stock worth $1,131,011 over the last quarter. Corporate insiders own 8.10% of the company’s stock.

Wall Street Analyst Weigh In

RELY has been the topic of a number of research analyst reports. KeyCorp increased 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. JMP Securities raised their price objective on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. upped their target price on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $13.00 to $18.00 in a research note on Thursday, October 31st. Finally, BMO Capital Markets upped their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, September 18th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.75.

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.