KBC Group NV Buys 1,823 Shares of Remitly Global, Inc. (NASDAQ:RELY)

KBC Group NV grew its holdings in Remitly Global, Inc. (NASDAQ:RELYFree Report) by 29.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,944 shares of the financial services provider’s stock after buying an additional 1,823 shares during the quarter. KBC Group NV’s holdings in Remitly Global were worth $165,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in RELY. Exchange Traded Concepts LLC acquired a new stake in Remitly Global in the 1st quarter valued at about $46,000. Mackenzie Financial Corp acquired a new stake in shares of Remitly Global in the fourth quarter valued at approximately $211,000. Xponance Inc. acquired a new stake in shares of Remitly Global in the fourth quarter valued at approximately $245,000. Clarius Group LLC acquired a new position in Remitly Global during the first quarter worth $239,000. Finally, TD Waterhouse Canada Inc. acquired a new position in Remitly Global during the fourth quarter worth $277,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Performance

Shares of Remitly Global stock opened at $18.51 on Monday. Remitly Global, Inc. has a one year low of $12.33 and a one year high of $27.32. The stock has a market cap of $3.77 billion, a price-to-earnings ratio of -616.83 and a beta of 0.13. The stock has a 50 day moving average price of $20.96 and a 200-day moving average price of $21.81.

Remitly Global (NASDAQ:RELYGet Free Report) last announced its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.09. The firm had revenue of $361.62 million for the quarter, compared to the consensus estimate of $347.81 million. Remitly Global had a negative return on equity of 0.70% and a negative net margin of 0.34%. The firm’s revenue for the quarter was up 34.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.11) EPS. Sell-side analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $22.44, for a total value of $327,242.52. Following the completion of the transaction, the chief executive officer directly owned 4,271,181 shares of the company’s stock, valued at $95,845,301.64. This represents a 0.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Phillip John Riese sold 5,000 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total transaction of $101,700.00. Following the transaction, the director directly owned 102,257 shares in the company, valued at $2,079,907.38. The trade was a 4.66% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,084,968 shares of company stock worth $276,321,392. 8.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

RELY has been the subject of several recent analyst reports. Barclays upped their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, May 12th. Monness Crespi & Hardt upped their price objective on Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. KeyCorp increased their target price on shares of Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday, May 8th. The Goldman Sachs Group raised their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $32.00 target price on shares of Remitly Global in a report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.88.

Check Out Our Latest Report on RELY

Remitly Global Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Remitly Global (NASDAQ:RELY)

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