Pictet Asset Management Holding SA Has $4.70 Million Stake in Remitly Global, Inc. (NASDAQ:RELY)

Pictet Asset Management Holding SA lifted its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 354.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 208,010 shares of the financial services provider’s stock after acquiring an additional 162,248 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Remitly Global were worth $4,695,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Global Retirement Partners LLC acquired a new stake in Remitly Global in the 4th quarter valued at about $28,000. R Squared Ltd acquired a new stake in shares of Remitly Global in the fourth quarter valued at approximately $89,000. FMR LLC raised its position in Remitly Global by 39.8% in the 3rd 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. Wilmington Savings Fund Society FSB acquired a new position in Remitly Global during the 4th quarter worth $135,000. Finally, KBC Group NV boosted its position in Remitly Global by 49.7% in the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock valued at $138,000 after buying an additional 2,033 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RELY. Barclays upped their price target on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. The Goldman Sachs Group cut their target price on shares of Remitly Global from $33.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday. BMO Capital Markets lifted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. William Blair restated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. Finally, Wells Fargo & Company raised their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.25.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the firm’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 transaction of $95,050.00. Following the completion of the sale, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total value of $337,450.62. Following the completion of the transaction, the chief executive officer now directly owns 4,387,845 shares in the company, valued at $101,534,733.30. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,749 shares of company stock valued at $1,081,736 in the last quarter. 8.10% of the stock is currently owned by insiders.

Remitly Global Stock Performance

Shares of RELY stock opened at $18.66 on Friday. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $27.32. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of -98.21 and a beta of 0.07. The firm’s 50-day moving average is $22.79 and its 200-day moving average is $20.24.

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