Edgestream Partners L.P. Sells 15,903 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Edgestream Partners L.P. decreased its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 33.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 31,634 shares of the financial services provider’s stock after selling 15,903 shares during the quarter. Edgestream Partners L.P.’s holdings in Remitly Global were worth $714,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. raised its position in 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 buying an additional 2,001,198 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Remitly Global in the 4th quarter worth about $1,228,000. M&T Bank Corp purchased a new position in Remitly Global in the 3rd quarter worth about $693,000. DHK Financial Advisors Inc. purchased a new position in Remitly Global in the 4th quarter worth about $273,000. Finally, Robeco Institutional Asset Management B.V. raised its position in Remitly Global by 8.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock worth $13,689,000 after buying an additional 49,200 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Insiders Place Their Bets

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value of $367,637.43. Following the completion of the transaction, the chief executive officer now directly owns 4,358,679 shares in the company, valued at $109,882,297.59. This represents a 0.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 8.10% of the stock is currently owned by corporate insiders.

Remitly Global Trading Down 3.6 %

Shares of NASDAQ:RELY opened at $19.75 on Thursday. Remitly Global, Inc. has a 12-month low of $11.60 and a 12-month high of $27.32. The company has a market cap of $3.96 billion, a PE ratio of -103.95 and a beta of 0.07. The stock has a 50 day moving average of $23.67 and a 200 day moving average of $19.49.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping 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 business had revenue of $351.90 million during the quarter, compared to the consensus estimate of $343.67 million. Equities research analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on RELY shares. JPMorgan Chase & Co. boosted their price target on Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Barclays boosted 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. Wells Fargo & Company boosted their price target on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. Finally, The Goldman Sachs Group boosted their price target on Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $28.13.

Remitly Global Company 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.