C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Makes New Investment in Remitly Global, Inc. (NASDAQ:RELY)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the fourth quarter, HoldingsChannel.com reports. The firm bought 6,872 shares of the financial services provider’s stock, valued at approximately $155,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Values First Advisors Inc. boosted its holdings in Remitly Global by 4.4% during the fourth quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock worth $349,000 after buying an additional 653 shares during the last quarter. Legato Capital Management LLC acquired a new stake in shares of Remitly Global during the fourth quarter worth about $1,084,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Remitly Global during the fourth quarter worth about $1,228,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Remitly Global during the fourth quarter worth about $135,000. Finally, Bleakley Financial Group LLC raised its position in shares of Remitly Global by 43.2% during the fourth quarter. Bleakley Financial Group LLC now owns 21,738 shares of the financial services provider’s stock worth $491,000 after purchasing an additional 6,560 shares during the period. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Up 3.6 %

NASDAQ:RELY opened at $27.14 on Friday. The firm has a market capitalization of $5.38 billion, a price-to-earnings ratio of -77.54 and a beta of 0.07. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.24. The stock’s 50 day moving average price is $23.17 and its two-hundred day moving average price is $18.24.

Insiders Place Their Bets

In other news, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the transaction, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global 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 transaction, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at $109,882,297.59. This represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,059 shares of company stock valued at $1,489,808 in the last 90 days. 8.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on RELY shares. Wells Fargo & Company raised their price target on Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Barclays raised their price target on Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. KeyCorp lifted their target price on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, JMP Securities lifted their target price on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Remitly Global presently has an average rating of “Moderate Buy” and a consensus price target of $23.75.

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.