Remitly Global, Inc. (NASDAQ:RELY) Shares Bought by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky raised its stake in Remitly Global, Inc. (NASDAQ:RELY) by 18.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 59,643 shares of the financial services provider’s stock after buying an additional 9,323 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Remitly Global were worth $799,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of RELY. Blue Trust Inc. purchased a new position in Remitly Global in the 2nd quarter valued at approximately $43,000. Advisors Asset Management Inc. grew its holdings in Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 1,466 shares during the last quarter. Assetmark Inc. acquired a new stake in Remitly Global in the third quarter valued at $76,000. FMR LLC increased its position in shares of Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,970 shares in the last quarter. Finally, nVerses Capital LLC raised its stake in shares of 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 buying an additional 8,700 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on RELY shares. JMP Securities increased their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. KeyCorp increased their price target 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. BMO Capital Markets lifted their price objective on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 18th. Barclays increased their target price on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Finally, Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $13.00 to $18.00 in a report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Remitly Global has an average rating of “Moderate Buy” and an average target price of $22.75.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This represents a 2.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 82,012 shares of company stock worth $1,435,212 in the last three months. Company insiders own 8.10% of the company’s stock.

Remitly Global Stock Performance

Shares of RELY opened at $21.38 on Thursday. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $22.67. The stock has a fifty day moving average of $18.37 and a two-hundred day moving average of $15.08. The company has a market capitalization of $4.23 billion, a PE ratio of -61.09 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.07. The firm had revenue of $336.53 million for the quarter, compared to the consensus estimate 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 period in the prior year, the business posted ($0.20) earnings per share. As a group, equities research analysts forecast that Remitly Global, Inc. will post -0.23 earnings per share for the current fiscal 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.