Summit Creek Advisors LLC Takes $6.90 Million Position in Remitly Global, Inc. $RELY

Summit Creek Advisors LLC purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 307,737 shares of the financial services provider’s stock, valued at approximately $6,896,000. Remitly Global accounts for 2.3% of Summit Creek Advisors LLC’s investment portfolio, making the stock its 14th biggest holding.

Other hedge funds have also modified their holdings of the company. Torren Management LLC acquired a new stake in shares of Remitly Global during the 4th quarter worth about $25,000. Summit Securities Group LLC acquired a new position in Remitly Global in the first quarter valued at about $26,000. Cullen Frost Bankers Inc. purchased a new position in Remitly Global during the fourth quarter worth about $28,000. HighMark Wealth Management LLC purchased a new position in Remitly Global during the fourth quarter worth about $35,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Remitly Global by 140.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock worth $36,000 after buying an additional 1,545 shares during the period. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wolfe Research reissued an “outperform” rating and issued a $31.00 price target on shares of Remitly Global in a research note on Thursday, August 6th. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. KeyCorp lifted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Finally, The Goldman Sachs Group upped their price target on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $27.67.

Remitly Global News Summary

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Zacks upgraded RELY to Rank #1, or “Strong Buy.” The upgrade reflects growing optimism about Remitly’s earnings outlook and may support continued buying interest. Zacks Strong Buy upgrade
• Positive Sentiment: Upward earnings-estimate revisions are signaling potential near-term upside. Zacks identified RELY as a fundamentally strong stock with improving expectations and recent price strength. Earnings estimate revisions
• Positive Sentiment: RELY appeared on several Zacks relative-strength, momentum and Strong Buy lists. This additional visibility could attract momentum-focused investors. Zacks relative-strength list
• Positive Sentiment: Fundamentals remain supportive. Remitly’s latest quarter delivered 20.2% year-over-year revenue growth, $495.16 million in revenue and $0.93 in earnings per share, well above the $0.12 consensus estimate. Analysts retain a “Moderate Buy” consensus, with an average price target of $27.67.
• Neutral Sentiment: The stock is trading near its 52-week high, indicating strong momentum but also leaving less room for error if expectations weaken.
• Negative Sentiment: Director Nigel Morris sold 31,000 shares for approximately $805,490. The transactions reduced his holdings by about 1.65%, though he still owns more than 1.85 million shares. Continued insider selling could temper bullish sentiment. SEC insider transaction filing

Insider Buying and Selling

In related news, Director Nigel W. Morris sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $26.20, for a total transaction of $524,000.00. Following the sale, the director directly owned 1,851,056 shares of the company’s stock, valued at $48,497,667.20. This represents a 1.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joshua Hug sold 5,500 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $23.65, for a total transaction of $130,075.00. Following the sale, the director owned 2,675,389 shares in the company, valued at approximately $63,272,949.85. This trade represents a 0.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 499,443 shares of company stock valued at $11,786,990 in the last ninety days. Company insiders own 6.53% of the company’s stock.

Remitly Global Price Performance

NASDAQ RELY opened at $25.44 on Wednesday. The company has a market cap of $5.39 billion, a P/E ratio of 18.30 and a beta of 0.34. The stock has a 50-day moving average of $23.01 and a two-hundred day moving average of $19.66. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. During the same quarter in the prior year, the company earned $0.03 earnings per share. The business’s quarterly revenue was up 20.2% on a year-over-year basis. On average, analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Remitly Global 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.