Dakota Wealth Management Takes Position in Remitly Global, Inc. (NASDAQ:RELY)

Dakota Wealth Management bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 11,940 shares of the financial services provider’s stock, valued at approximately $269,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RELY. Principal Financial Group Inc. grew its stake in shares of Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after purchasing an additional 2,001,198 shares during the last quarter. M&T Bank Corp acquired a new position in Remitly Global in the third quarter worth approximately $693,000. Neo Ivy Capital Management bought a new position in shares of Remitly Global in the third quarter valued at $628,000. GSA Capital Partners LLP lifted its position in shares of Remitly Global by 30.2% during the 3rd quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock valued at $3,517,000 after acquiring an additional 60,991 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in shares of Remitly Global by 250.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 83,207 shares of the financial services provider’s stock worth $1,114,000 after acquiring an additional 59,496 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Joshua Hug sold 22,198 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the sale, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the transaction, the chief executive officer now directly owns 4,387,845 shares in the company, valued at $101,534,733.30. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,476 shares of company stock worth $1,202,171. Insiders own 8.10% of the company’s stock.

Remitly Global Stock Down 2.3 %

Shares of NASDAQ:RELY opened at $23.02 on Friday. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $23.74. The firm has a market capitalization of $4.56 billion, a P/E ratio of -65.77 and a beta of 0.07. The firm has a fifty day moving average of $21.94 and a two-hundred day moving average of $17.08.

Remitly Global (NASDAQ:RELY) last issued its 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. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The firm had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the previous year, the company posted ($0.20) earnings per share. The business’s quarterly revenue was up 39.3% compared to the same quarter last year. Equities research analysts expect that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. JMP Securities boosted their target price on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. KeyCorp upped their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Wells Fargo & Company lifted their target price on shares of Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Finally, Barclays upped their price target on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Remitly Global has an average rating of “Moderate Buy” and an average price target of $23.13.

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.