Sora Investors LLC Purchases 75,000 Shares of Remitly Global, Inc. (NASDAQ:RELY)

Sora Investors LLC boosted its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 75.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 175,000 shares of the financial services provider’s stock after purchasing an additional 75,000 shares during the period. Sora Investors LLC owned about 0.09% of Remitly Global worth $2,343,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RELY. Blue Trust Inc. bought a new position in shares of Remitly Global in the second quarter valued at approximately $43,000. Advisors Asset Management Inc. lifted its position 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 buying an additional 1,466 shares in the last quarter. Assetmark Inc. acquired a new position in shares of Remitly Global during the third quarter worth approximately $76,000. FMR LLC grew its stake in shares of Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 1,970 shares during the last quarter. Finally, nVerses Capital LLC increased its holdings in shares of Remitly Global by 2,900.0% in the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 8,700 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the transaction, the insider now directly owns 151,576 shares of the company’s stock, valued at $3,031,520. This trade represents a 2.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the transaction, the chief executive officer now directly owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. This trade represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,429 shares of company stock valued at $1,131,011. 8.10% of the stock is owned by company insiders.

Remitly Global Price Performance

Shares of RELY stock opened at $20.80 on Friday. The company has a fifty day moving average price of $17.08 and a two-hundred day moving average price of $14.63. The stock has a market cap of $4.12 billion, a P/E ratio of -59.43 and a beta of 0.10. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $22.08.

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on RELY shares. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $13.00 to $18.00 in a report on Thursday, October 31st. 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. Barclays increased their price target on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. JPMorgan Chase & Co. upped their price objective on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Finally, BMO Capital Markets boosted their target price on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.75.

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.