State of New Jersey Common Pension Fund D Makes New $1.95 Million Investment in Remitly Global, Inc. (NASDAQ:RELY)

State of New Jersey Common Pension Fund D acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 145,851 shares of the financial services provider’s stock, valued at approximately $1,953,000. State of New Jersey Common Pension Fund D owned 0.07% of Remitly Global at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. grew its stake in 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 acquiring an additional 2,001,198 shares in the last quarter. WoodTrust Financial Corp boosted its stake in shares of Remitly Global by 54.2% during the third quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider’s stock valued at $248,000 after purchasing an additional 6,500 shares in the last quarter. Simplicity Wealth LLC boosted its stake in shares of Remitly Global by 11.7% during the second quarter. Simplicity Wealth LLC now owns 11,756 shares of the financial services provider’s stock valued at $142,000 after purchasing an additional 1,228 shares in the last quarter. Oak Ridge Investments LLC bought a new position in shares of Remitly Global during the second quarter valued at approximately $1,124,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Remitly Global by 6.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 86,164 shares of the financial services provider’s stock valued at $1,788,000 after purchasing an additional 5,596 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

RELY has been the subject of a number of analyst reports. KeyCorp increased their target price on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. raised their price target on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $13.00 to $18.00 in a report on Thursday, October 31st. Barclays raised their price target on shares of Remitly Global from $16.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Finally, BMO Capital Markets raised their target price on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.38.

Insider Buying and Selling at Remitly Global

In other news, insider Pankaj Sharma sold 4,000 shares of the company’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 sale, the insider now owns 151,576 shares in the company, valued at approximately $3,031,520. This represents a 2.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the sale, the chief executive officer now owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. This trade represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. 8.10% of the stock is currently owned by insiders.

Remitly Global Stock Down 1.0 %

NASDAQ RELY opened at $19.64 on Monday. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $22.49. The business’s 50-day moving average price is $15.24 and its 200 day moving average price is $14.07. The firm has a market cap of $3.89 billion, a P/E ratio of -56.11 and a beta of 0.03.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The company had revenue of $336.53 million for 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%. The firm’s revenue for the quarter was up 39.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.20) EPS. As a group, analysts anticipate that Remitly Global, Inc. will post -0.23 earnings per share 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.