Townsquare Capital LLC Acquires Shares of 18,444 Remitly Global, Inc. (NASDAQ:RELY)

Townsquare Capital LLC bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 18,444 shares of the financial services provider’s stock, valued at approximately $416,000.

Other hedge funds have also modified their holdings of the company. Renaissance Group LLC acquired a new position in Remitly Global during the fourth quarter worth $4,632,000. Invesco Ltd. grew its stake in shares of Remitly Global by 13.0% during the 4th quarter. Invesco Ltd. now owns 111,612 shares of the financial services provider’s stock worth $2,519,000 after purchasing an additional 12,816 shares during the period. Bank of Montreal Can increased its holdings in shares of Remitly Global by 3.6% in the 4th quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider’s stock valued at $931,000 after purchasing an additional 1,435 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Remitly Global by 168.9% in the fourth quarter. Russell Investments Group Ltd. now owns 124,600 shares of the financial services provider’s stock valued at $2,812,000 after purchasing an additional 78,256 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in Remitly Global by 221.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 53,774 shares of the financial services provider’s stock worth $1,214,000 after buying an additional 37,046 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, 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 value of $95,050.00. Following the transaction, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the sale, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,749 shares of company stock valued at $1,081,736 in the last ninety days. Company insiders own 8.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on RELY shares. Wells Fargo & Company lifted their price target on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. BMO Capital Markets raised their price target on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. JMP Securities restated a “market outperform” rating and set a $32.00 target price on shares of Remitly Global in a report on Thursday, April 10th. Finally, JPMorgan Chase & Co. upped their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.13.

Remitly Global Stock Up 0.5 %

RELY stock opened at $19.93 on Monday. The stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of -104.89 and a beta of 0.15. The stock’s fifty day simple moving average is $21.68 and its 200-day simple moving average is $20.79. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $27.32.

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

Remitly Global Company 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.