Summit Creek Advisors LLC Increases Stake in Remitly Global, Inc. (NASDAQ:RELY)

Summit Creek Advisors LLC boosted its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 0.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 884,305 shares of the financial services provider’s stock after acquiring an additional 2,830 shares during the period. Remitly Global comprises 2.6% of Summit Creek Advisors LLC’s investment portfolio, making the stock its 14th biggest holding. Summit Creek Advisors LLC’s holdings in Remitly Global were worth $19,959,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new position in Remitly Global during the 4th quarter worth approximately $28,000. R Squared Ltd acquired a new position in Remitly Global during the 4th quarter worth approximately $89,000. Advisors Asset Management Inc. grew its holdings in 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 worth $53,000 after acquiring an additional 1,466 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Remitly Global during the 4th quarter worth approximately $135,000. Finally, KBC Group NV grew its holdings in Remitly Global by 49.7% during the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 2,033 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. William Blair restated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. JPMorgan Chase & Co. upped their target price on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. The Goldman Sachs Group upped their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, February 20th. BMO Capital Markets upped their target price on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Finally, Barclays upped their target price on shares of Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and an average target price of $28.13.

Remitly Global Price Performance

RELY stock opened at $20.33 on Monday. The company has a fifty day moving average price of $23.25 and a 200 day moving average price of $19.85. 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 $4.08 billion, a price-to-earnings ratio of -107.00 and a beta of 0.07.

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

Insider Activity at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the company’s stock in a transaction 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 transaction, the insider now owns 397,805 shares in the company, valued at approximately $7,562,273.05. This represents a 1.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the transaction, the chief executive officer now owns 4,358,679 shares of the company’s stock, valued at approximately $109,882,297.59. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,749 shares of company stock worth $1,081,736 in the last 90 days. 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.