ArrowMark Colorado Holdings LLC Acquires 431,987 Shares of Remitly Global, Inc. (NASDAQ:RELY)

ArrowMark Colorado Holdings LLC grew its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 13.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,553,263 shares of the financial services provider’s stock after buying an additional 431,987 shares during the period. ArrowMark Colorado Holdings LLC’s holdings in Remitly Global were worth $47,578,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Blue Trust Inc. purchased a new position in Remitly Global during the second quarter valued at $43,000. Advisors Asset Management Inc. boosted its holdings in shares of Remitly Global by 58.7% during the 3rd 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. purchased a new position in shares of Remitly Global during the third quarter valued at about $76,000. FMR LLC increased its holdings 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 worth $93,000 after purchasing an additional 1,970 shares during the last quarter. Finally, nVerses Capital LLC lifted its position in shares of Remitly Global by 2,900.0% in the second 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 in the last quarter. Institutional investors own 74.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Barclays raised their price target on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. JMP Securities boosted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. Wells Fargo & Company upgraded shares of Remitly Global from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. BMO Capital Markets lifted their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th. Finally, JPMorgan Chase & Co. upped their target price on shares of Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, August 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 a consensus rating of “Moderate Buy” and a consensus price target of $22.75.

Insider Activity at Remitly Global

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the transaction, the insider now directly owns 3,873,811 shares in the company, valued at $79,877,982.82. This represents a 0.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the sale, the insider now directly owns 151,576 shares of the company’s stock, valued at $3,031,520. This represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,429 shares of company stock worth $1,131,011 in the last quarter. 8.10% of the stock is owned by company insiders.

Remitly Global Trading Down 1.3 %

Remitly Global stock opened at $20.56 on Monday. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $22.08. The firm has a 50-day moving average price of $16.52 and a 200-day moving average price of $14.45. The firm has a market capitalization of $4.07 billion, a PE ratio of -58.74 and a beta of 0.03.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. The business had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The firm’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.20) earnings per share. As a group, sell-side analysts predict 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.