Squarepoint Ops LLC Makes New $6.28 Million Investment in Remitly Global, Inc. $RELY

Squarepoint Ops LLC bought a new position in Remitly Global, Inc. (NASDAQ:RELY) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 280,330 shares of the financial services provider’s stock, valued at approximately $6,282,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in RELY. Allworth Financial LP grew its stake in Remitly Global by 12.5% in the second quarter. Allworth Financial LP now owns 4,859 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 540 shares during the period. Arizona State Retirement System raised its holdings in Remitly Global by 1.2% in the second quarter. Arizona State Retirement System now owns 49,407 shares of the financial services provider’s stock worth $1,107,000 after purchasing an additional 600 shares in the last quarter. GAMMA Investing LLC lifted its position in Remitly Global by 45.4% during the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after buying an additional 677 shares during the period. California State Teachers Retirement System lifted its position in Remitly Global by 0.5% during the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after buying an additional 679 shares during the period. Finally, Main Management ETF Advisors LLC lifted its position in Remitly Global by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock valued at $1,329,000 after buying an additional 984 shares during the period. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RELY. The Goldman Sachs Group upped their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Wolfe Research lifted their price target on shares of Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a research report on Tuesday, August 25th. Citizens Jmp boosted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Finally, KeyCorp raised 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. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $27.78.

Insider Buying and Selling at Remitly Global

In other news, Director Nigel W. Morris sold 6,300 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $27.03, for a total transaction of $170,289.00. Following the sale, the director owned 1,804,756 shares in the company, valued at $48,782,554.68. This represents a 0.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Vikas D. Mehta sold 25,000 shares of the 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 sale, the chief financial officer owned 943,735 shares in the company, valued at approximately $24,678,670.25. The trade was a 2.58% 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 514,571 shares of company stock worth $12,636,101 in the last 90 days. Insiders own 6.53% of the company’s stock.

Remitly Global Trading Down 8.9%

NASDAQ RELY opened at $21.93 on Friday. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.48. The stock has a market cap of $4.64 billion, a P/E ratio of 15.78 and a beta of 0.36. The stock’s fifty day moving average price is $24.61 and its 200-day moving average price is $21.11.

Remitly Global (NASDAQ:RELY) last posted 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. The firm had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.Remitly Global’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 EPS. As a group, analysts forecast that Remitly Global, Inc. will post 0.85 earnings per share 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.