Remitly Global, Inc. $RELY Shares Purchased by Future Fund LLC

Future Fund LLC raised its stake in Remitly Global, Inc. (NASDAQ:RELY) by 26.6% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 105,926 shares of the financial services provider’s stock after buying an additional 22,224 shares during the quarter. Future Fund LLC’s holdings in Remitly Global were worth $1,660,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of RELY. Baillie Gifford & Co. boosted its holdings in shares of Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after acquiring an additional 3,790,210 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after acquiring an additional 2,567,446 shares during the period. Marshall Wace LLP boosted its stake in Remitly Global by 74.4% during the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after purchasing an additional 1,962,076 shares during the period. Capital International Investors acquired a new position in Remitly Global during the 4th quarter valued at about $24,328,000. Finally, UBS Group AG grew its position in Remitly Global by 189.7% in the 3rd quarter. UBS Group AG now owns 2,418,069 shares of the financial services provider’s stock worth $39,415,000 after purchasing an additional 1,583,432 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on RELY. KeyCorp raised their price target on shares of Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research report on Thursday. Weiss Ratings raised Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. Monness Crespi & Hardt raised their target price on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Freedom Capital raised Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $25.50.

Insider Transactions at Remitly Global

In other news, insider Pankaj Sharma sold 16,000 shares of Remitly Global stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total value of $320,160.00. Following the transaction, the insider owned 767,810 shares of the company’s stock, valued at $15,363,878.10. The trade was a 2.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of Remitly Global stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $526,750.00. Following the completion of the transaction, the chief financial officer directly owned 988,004 shares in the company, valued at $20,817,244.28. This represents a 2.47% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders sold 187,188 shares of company stock valued at $4,087,718 in the last quarter. 6.53% of the stock is owned by company insiders.

Remitly Global Stock Performance

RELY opened at $24.13 on Friday. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $25.75. The stock’s fifty day moving average is $21.69 and its 200-day moving average is $18.03. The company has a market capitalization of $5.08 billion, a PE ratio of 49.24 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The business had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. During the same quarter in the prior year, the firm posted $0.05 earnings per share. The company’s revenue was up 25.2% on a year-over-year basis. On average, equities research analysts forecast that Remitly Global, Inc. will post 0.62 EPS for the current fiscal 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.