Portolan Capital Management LLC Grows Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Portolan Capital Management LLC boosted its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 96.3% in the third quarter, HoldingsChannel reports. The fund owned 353,054 shares of the financial services provider’s stock after acquiring an additional 173,162 shares during the period. Portolan Capital Management LLC’s holdings in Remitly Global were worth $4,727,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Millennium Management LLC increased its stake in shares of Remitly Global by 108.0% during the second quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after purchasing an additional 2,071,026 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Remitly Global by 4.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock worth $48,980,000 after buying an additional 169,454 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its position in 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 buying an additional 431,987 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Remitly Global by 25.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock valued at $25,843,000 after buying an additional 435,827 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Remitly Global by 10,213.8% in 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 acquiring an additional 2,001,198 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Remitly Global Trading Down 0.6 %

Shares of RELY opened at $20.62 on Wednesday. The firm has a fifty day simple moving average of $16.79 and a two-hundred day simple moving average of $14.55. The firm has a market cap of $4.08 billion, a PE ratio of -58.91 and a beta of 0.10. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $22.08.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The company had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. Remitly Global’s revenue was up 39.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.20) earnings per share. As a group, research analysts forecast that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their price target on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. JMP Securities lifted their target price on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a 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 target for the company from $13.00 to $18.00 in a report on Thursday, October 31st. KeyCorp boosted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Barclays increased their target price on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.75.

Insider Buying and Selling

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider now owns 151,576 shares of the company’s stock, valued at approximately $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the sale, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. The trade was a 0.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,429 shares of company stock valued at $1,131,011. 8.10% of the stock is owned by insiders.

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.