Versor Investments LP Makes New Investment in Remitly Global, Inc. (NASDAQ:RELY)

Versor Investments LP bought a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) during the 4th quarter, Holdings Channel reports. The fund bought 26,300 shares of the financial services provider’s stock, valued at approximately $594,000.

Several other hedge funds have also recently made changes to their positions in the business. WoodTrust Financial Corp boosted its holdings in Remitly Global by 54.2% in the third quarter. WoodTrust Financial Corp now owns 18,500 shares of the financial services provider’s stock valued at $248,000 after acquiring an additional 6,500 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after purchasing an additional 2,001,198 shares during the period. Assetmark Inc. bought a new stake in shares of Remitly Global during the 3rd quarter valued at about $76,000. State of New Jersey Common Pension Fund D purchased a new position in shares of Remitly Global during the third quarter valued at about $1,953,000. Finally, GSA Capital Partners LLP increased its position in shares of Remitly Global by 30.2% during the third quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock valued at $3,517,000 after buying an additional 60,991 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the transaction, the chief executive officer now owns 4,417,011 shares in the company, valued at $92,138,849.46. The trade was a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 43,749 shares of company stock worth $1,009,289. Insiders own 8.10% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Wells Fargo & Company raised their price objective on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. upped their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. BMO Capital Markets lifted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Finally, The Goldman Sachs Group boosted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research note 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 an average rating of “Moderate Buy” and an average price target of $28.13.

Remitly Global Stock Performance

Shares of RELY stock opened at $24.00 on Friday. The company has a market capitalization of $4.81 billion, a price-to-earnings ratio of -126.32 and a beta of 0.07. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32. The company’s 50-day moving average is $23.86 and its 200 day moving average is $19.04.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.04. The firm had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. As a group, research analysts predict that Remitly Global, Inc. will post -0.04 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.