D. E. Shaw & Co. Inc. Buys Shares of 25,691 Remitly Global, Inc. (NASDAQ:RELY)

D. E. Shaw & Co. Inc. purchased a new position in Remitly Global, Inc. (NASDAQ:RELY) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 25,691 shares of the financial services provider’s stock, valued at approximately $580,000.

A number of other institutional investors also recently made changes to their positions in RELY. Barclays PLC lifted its stake in shares of Remitly Global by 19.2% during the third quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock valued at $18,858,000 after buying an additional 227,231 shares during the period. Dakota Wealth Management acquired a new position in Remitly Global in the 4th quarter valued at $269,000. Blue Trust Inc. lifted its stake in shares of Remitly Global by 661.9% during the 4th quarter. Blue Trust Inc. now owns 17,135 shares of the financial services provider’s stock worth $387,000 after purchasing an additional 14,886 shares during the period. KBC Group NV grew its position in shares of Remitly Global by 49.7% in the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock valued at $138,000 after purchasing an additional 2,033 shares during the period. Finally, DHK Financial Advisors Inc. purchased a new stake in shares of Remitly Global in the fourth quarter valued at $273,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RELY has been the subject of a number of recent analyst reports. Monness Crespi & Hardt boosted their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, May 8th. BMO Capital Markets increased their target price on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. lifted their target price on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. JMP Securities reissued a “market outperform” rating and set a $32.00 price target on shares of Remitly Global in a research report on Thursday, April 10th. Finally, Wells Fargo & Company raised their price objective on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a 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’s stock. According to data from MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and an average price target of $28.88.

Insider Activity

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.31, for a total value of $281,597.73. Following the transaction, the chief executive officer now directly owns 4,329,513 shares of the company’s stock, valued at $83,602,896.03. The trade was a 0.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Ltd Naspers sold 11,900,000 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $22.89, for a total value of $272,391,000.00. Following the sale, the insider now owns 25,441,745 shares in the company, valued at $582,361,543.05. The trade was a 31.87% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,014,884 shares of company stock worth $274,801,834. Company insiders own 8.10% of the company’s stock.

Remitly Global Stock Performance

Shares of NASDAQ:RELY opened at $22.33 on Monday. The firm has a 50 day simple moving average of $20.95 and a 200 day simple moving average of $21.92. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The company has a market cap of $4.55 billion, a PE ratio of -117.53 and a beta of 0.16.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.09. The company had revenue of $361.62 million during the quarter, compared to the consensus estimate of $347.81 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company’s revenue was up 34.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.11) EPS. On average, equities analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current 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.