Fox Run Management L.L.C. Increases Stake in Remitly Global, Inc. (NASDAQ:RELY)

Fox Run Management L.L.C. grew its stake in Remitly Global, Inc. (NASDAQ:RELY) by 16.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,911 shares of the financial services provider’s stock after purchasing an additional 6,139 shares during the period. Fox Run Management L.L.C.’s holdings in Remitly Global were worth $969,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in RELY. Principal Financial Group Inc. boosted its holdings in Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after buying an additional 2,001,198 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Remitly Global by 110.7% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,060,634 shares of the financial services provider’s stock worth $23,939,000 after acquiring an additional 557,168 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its position in shares of Remitly Global by 13.8% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock valued at $47,578,000 after acquiring an additional 431,987 shares during the period. Lisanti Capital Growth LLC purchased a new position in shares of Remitly Global in the 4th quarter valued at about $6,324,000. Finally, Barclays PLC raised its holdings in Remitly Global by 19.2% in the 3rd quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock worth $18,858,000 after purchasing an additional 227,231 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insider Buying and Selling

In other news, insider Ankur Sinha sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were 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 approximately $7,562,273.05. This represents a 1.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the sale, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,749 shares of company stock worth $1,081,736. Company insiders own 8.10% of the company’s stock.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $20.33 on Friday. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32. The stock has a market cap of $4.08 billion, a P/E ratio of -107.00 and a beta of 0.07. The stock’s 50 day simple moving average is $23.25 and its 200-day simple moving average is $19.80.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $343.67 million. As a group, research analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Wells Fargo & Company boosted their price target on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. William Blair restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. The Goldman Sachs Group lifted their price objective on Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. BMO Capital Markets increased their target price on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Finally, Barclays lifted their price target on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $28.13.

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.