Villere ST Denis J & Co. LLC Takes $392,000 Position in Remitly Global, Inc. $RELY

Villere ST Denis J & Co. LLC purchased a new position in Remitly Global, Inc. (NASDAQ:RELY) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 25,000 shares of the financial services provider’s stock, valued at approximately $392,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of RELY. Pekin Hardy Strauss Inc. increased its stake in Remitly Global by 581.8% in the fourth quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock valued at $1,693,000 after acquiring an additional 104,716 shares during the last quarter. Capelight Capital Asset Management LP acquired a new stake in shares of Remitly Global in the 4th quarter valued at $1,380,000. GSA Capital Partners LLP increased its stake in shares of Remitly Global by 1,484.2% in the 4th quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock valued at $4,982,000 after purchasing an additional 338,244 shares during the last quarter. Baillie Gifford & Co. increased its stake in shares of Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after purchasing an additional 3,790,210 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in shares of Remitly Global by 44.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock worth $13,166,000 after buying an additional 292,991 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RELY. KeyCorp lifted their target price on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Monness Crespi & Hardt boosted their price target on Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Citizens Jmp upped their price objective on Remitly Global from $22.00 to $26.00 and gave the company a “market outperform” rating in a research note on Thursday, May 7th. Freedom Capital upgraded shares of Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Finally, Wall Street Zen cut shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.00.

Insider Buying and Selling at Remitly Global

In other news, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $526,750.00. Following the transaction, the chief financial officer owned 988,004 shares of the company’s stock, valued at $20,817,244.28. This represents a 2.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Phillip John Riese sold 40,000 shares of the business’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $20.04, for a total value of $801,600.00. Following the completion of the sale, the director directly owned 122,496 shares of the company’s stock, valued at $2,454,819.84. The trade was a 24.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 249,188 shares of company stock valued at $5,303,878 over the last 90 days. Insiders own 6.53% of the company’s stock.

Remitly Global Price Performance

Shares of Remitly Global stock traded up $0.21 on Friday, hitting $23.77. 1,819,366 shares of the company’s stock traded hands, compared to its average volume of 3,930,055. The company has a market capitalization of $5.01 billion, a price-to-earnings ratio of 48.51 and a beta of 0.34. The company has a fifty day moving average of $21.58 and a two-hundred day moving average of $17.68. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.11. The firm had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company’s revenue was up 25.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.05 earnings per share. Equities research analysts anticipate that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.