Remitly Global, Inc. $RELY Shares Acquired by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 89.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 640,945 shares of the financial services provider’s stock after buying an additional 302,336 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Remitly Global were worth $14,364,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Summit Securities Group LLC purchased a new stake in shares of Remitly Global in the first quarter valued at about $26,000. Cullen Frost Bankers Inc. purchased a new position in shares of Remitly Global during the 4th quarter worth approximately $28,000. GAMMA Investing LLC raised its position in shares of Remitly Global by 45.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 677 shares during the last quarter. HighMark Wealth Management LLC acquired a new position in shares of Remitly Global during the 4th quarter worth approximately $35,000. Finally, Quarry LP purchased a new stake in Remitly Global in the 3rd quarter valued at approximately $42,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on RELY. The Goldman Sachs Group raised their price target on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Citizens Jmp increased their price objective on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. KeyCorp boosted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Finally, Weiss Ratings raised shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Remitly Global presently has a consensus rating of “Buy” and a consensus target price of $27.78.

Insider Buying and Selling at Remitly Global

In related news, Director Phillip Riese sold 160,182 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $24.94, for a total value of $3,994,939.08. Following the sale, the director directly owned 361,094 shares of the company’s stock, valued at approximately $9,005,684.36. This trade represents a 30.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vikas Mehta sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total transaction of $653,750.00. Following the completion of the sale, the chief financial officer owned 943,735 shares of the company’s stock, valued at approximately $24,678,670.25. The trade was a 2.58% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 509,071 shares of company stock worth $12,498,436. 6.53% of the stock is currently owned by insiders.

Remitly Global Stock Down 2.8%

Shares of NASDAQ:RELY opened at $26.17 on Friday. The company has a market cap of $5.54 billion, a P/E ratio of 18.83 and a beta of 0.36. The business has a fifty day simple moving average of $24.50 and a 200-day simple moving average of $20.80. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $27.48.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping 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 firm had revenue of $495.16 million for the quarter, compared to the consensus estimate of $486.25 million. During the same period in the prior year, the business posted $0.03 earnings per share. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. Sell-side analysts expect that Remitly Global, Inc. will post 0.85 earnings per share 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.