Massachusetts Financial Services Co. MA Buys 169,454 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Massachusetts Financial Services Co. MA increased its stake in Remitly Global, Inc. (NASDAQ:RELY) by 4.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,657,924 shares of the financial services provider’s stock after purchasing an additional 169,454 shares during the period. Massachusetts Financial Services Co. MA owned 1.85% of Remitly Global worth $48,980,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of RELY. Advisors Asset Management Inc. increased its stake in shares of Remitly Global by 409.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,344 shares during the period. Blue Trust Inc. acquired a new stake in Remitly Global in the second quarter worth about $43,000. Assetmark Inc. acquired a new stake in Remitly Global in the third quarter worth about $76,000. nVerses Capital LLC raised its holdings in 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 worth $109,000 after purchasing an additional 8,700 shares during the last quarter. Finally, Values First Advisors Inc. acquired a new position in Remitly Global during the 2nd quarter valued at about $138,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on RELY shares. JMP Securities boosted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Barclays upped their target price 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. BMO Capital Markets raised their price target on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 18th. KeyCorp upped their price objective on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. raised their target price on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.75.

Remitly Global Trading Up 1.7 %

RELY stock opened at $21.04 on Monday. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $22.49. The business’s 50-day moving average price is $15.88 and its two-hundred day moving average price is $14.23. The firm has a market cap of $4.17 billion, a PE ratio of -60.11 and a beta of 0.03.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same period in the previous year, the firm earned ($0.20) EPS. Remitly Global’s quarterly revenue was up 39.3% compared to the same quarter last year. On average, analysts forecast that Remitly Global, Inc. will post -0.23 earnings per share for the current year.

Insider Transactions at Remitly Global

In related news, insider Pankaj Sharma sold 4,000 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 151,576 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the sale, the chief executive officer now directly 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 sold 45,231 shares of company stock valued at $673,288 over the last quarter. Corporate insiders own 8.10% of the company’s stock.

Remitly Global 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.