Prudential Financial Inc. Grows Stake in Remitly Global, Inc. (NASDAQ:RELY)

Prudential Financial Inc. increased its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 2,371.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 265,230 shares of the financial services provider’s stock after acquiring an additional 254,500 shares during the quarter. Prudential Financial Inc.’s holdings in Remitly Global were worth $5,986,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Global Retirement Partners LLC purchased a new stake in shares of Remitly Global during the 4th quarter worth approximately $28,000. Advisors Asset Management Inc. lifted 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 valued at $53,000 after acquiring an additional 1,466 shares during the last quarter. R Squared Ltd acquired a new position in Remitly Global in the fourth quarter valued at $89,000. FMR LLC grew its holdings in shares of Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,970 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Remitly Global during the fourth quarter worth about $135,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Ankur Sinha sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.01, for a total transaction of $95,050.00. Following the sale, the insider now owns 397,805 shares of the company’s stock, valued at $7,562,273.05. The trade was a 1.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total value of $337,450.62. Following the completion of the transaction, the chief executive officer now directly owns 4,387,845 shares of the company’s stock, 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. In the last ninety days, insiders have sold 48,749 shares of company stock worth $1,081,736. Corporate insiders own 8.10% of the company’s stock.

Wall Street Analyst Weigh In

RELY has been the subject of a number of research analyst reports. Barclays upped their target price on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. JPMorgan Chase & Co. increased their price objective on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. The Goldman Sachs Group lifted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, February 20th. BMO Capital Markets increased their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Finally, Wells Fargo & Company lifted their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $28.13.

Remitly Global Stock Down 1.2 %

Shares of Remitly Global stock opened at $20.93 on Monday. The firm has a market cap of $4.20 billion, a price-to-earnings ratio of -110.16 and a beta of 0.07. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $27.32. The company’s 50-day simple moving average is $23.07 and its 200-day simple moving average is $20.11.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (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. Equities research analysts anticipate that Remitly Global, Inc. will post -0.04 EPS 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.