Proficio Capital Partners LLC Invests $315,000 in Remitly Global, Inc. (NASDAQ:RELY)

Proficio Capital Partners LLC purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the fourth quarter, HoldingsChannel reports. The firm purchased 13,948 shares of the financial services provider’s stock, valued at approximately $315,000.

Several other large investors have also recently added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new position in Remitly Global during the 4th quarter worth approximately $28,000. R Squared Ltd acquired a new position in Remitly Global during the fourth quarter worth $89,000. Advisors Asset Management Inc. raised its position in Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 1,466 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Remitly Global in the fourth quarter worth $135,000. Finally, KBC Group NV boosted its position in shares of Remitly Global by 49.7% during the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock worth $138,000 after purchasing an additional 2,033 shares in the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.31, for a total transaction 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 represents a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.01, for a total transaction of $95,050.00. Following the completion of the transaction, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,749 shares of company stock worth $1,081,736. 8.10% of the stock is currently owned by corporate insiders.

Remitly Global Stock Performance

Remitly Global stock opened at $21.02 on Wednesday. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The company has a market capitalization of $4.22 billion, a price-to-earnings ratio of -110.63 and a beta of 0.07. The stock has a fifty day moving average of $23.19 and a two-hundred day moving average of $19.95.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The business had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. On average, analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RELY. William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. Barclays increased their target price on shares of Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, February 24th. JPMorgan Chase & Co. boosted their price target on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. BMO Capital Markets raised their price objective on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Finally, The Goldman Sachs Group boosted their target price on Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $28.13.

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.