Moore Capital Management LP Sells 372,880 Shares of Remitly Global, Inc. $RELY

Moore Capital Management LP reduced its stake in Remitly Global, Inc. (NASDAQ:RELY) by 54.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 307,120 shares of the financial services provider’s stock after selling 372,880 shares during the period. Moore Capital Management LP’s holdings in Remitly Global were worth $6,883,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of RELY. Two Sigma Securities LLC bought a new stake in Remitly Global during the 2nd quarter worth approximately $695,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Remitly Global by 89.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 640,945 shares of the financial services provider’s stock valued at $14,364,000 after buying an additional 302,336 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Remitly Global in the second quarter valued at about $840,000. Corient Private Wealth LP bought a new stake in shares of Remitly Global during the 2nd quarter worth approximately $4,445,000. Finally, Bank of America Corp DE bought a new stake in Remitly Global during the second quarter worth $27,757,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Performance

Shares of RELY stock opened at $26.55 on Monday. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.15. The firm has a market capitalization of $5.62 billion, a PE ratio of 19.10 and a beta of 0.34. The firm has a fifty day simple moving average of $23.99 and a two-hundred day simple moving average of $20.39.

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

Insider Activity

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total value of $653,750.00. Following the completion of the transaction, the chief financial officer directly owned 943,735 shares of the company’s stock, valued at $24,678,670.25. This trade represents a 2.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 Joshua Hug sold 5,500 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $23.65, for a total value of $130,075.00. Following the transaction, the director owned 2,675,389 shares of the company’s stock, valued at approximately $63,272,949.85. The trade was a 0.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 481,771 shares of company stock valued at $11,773,957. Corporate insiders own 6.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Wolfe Research raised their price target on Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, August 25th. Weiss Ratings raised Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. The Goldman Sachs Group raised their target price on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $27.78.

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.