Summit Investment Advisors Inc. Has $352,000 Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Summit Investment Advisors Inc. boosted its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 4.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 15,617 shares of the financial services provider’s stock after acquiring an additional 717 shares during the period. Summit Investment Advisors Inc.’s holdings in Remitly Global were worth $352,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. FMR LLC increased its holdings 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 worth $93,000 after purchasing an additional 1,970 shares during the period. Stifel Financial Corp grew its position in Remitly Global by 168.4% during the third quarter. Stifel Financial Corp now owns 51,756 shares of the financial services provider’s stock worth $693,000 after buying an additional 32,473 shares in the last quarter. Barclays PLC increased its stake in Remitly Global by 19.2% during the 3rd quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock worth $18,858,000 after acquiring an additional 227,231 shares during the period. Geode Capital Management LLC increased its stake in Remitly Global by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock worth $46,601,000 after acquiring an additional 107,468 shares during the period. Finally, Principal Financial Group Inc. raised its holdings 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 valued at $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.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on RELY shares. Wells Fargo & Company increased their target price on Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. The Goldman Sachs Group reduced their price objective on shares of Remitly Global from $33.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. William Blair restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. JPMorgan Chase & Co. increased their price target on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Finally, Barclays boosted their price objective on shares of Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $28.13.

Insider Activity

In related news, insider Ankur Sinha sold 5,000 shares of Remitly Global stock in a transaction that occurred 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 sale, the insider now directly owns 397,805 shares in the company, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.31, for a total transaction of $281,597.73. Following the completion of the transaction, the chief executive officer now owns 4,329,513 shares of the company’s stock, valued at approximately $83,602,896.03. This trade represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,749 shares of company stock valued at $1,081,736. 8.10% of the stock is currently owned by corporate insiders.

Remitly Global Price Performance

RELY stock opened at $19.93 on Monday. Remitly Global, Inc. has a 1 year low of $11.60 and a 1 year high of $27.32. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of -104.89 and a beta of 0.15. The company has a 50 day simple moving average of $21.68 and a 200 day simple moving average of $20.79.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. On average, equities research analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

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.