Renaissance Group LLC Has $8.07 Million Holdings in Remitly Global, Inc. $RELY

Renaissance Group LLC increased its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 52.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 495,040 shares of the financial services provider’s stock after buying an additional 169,271 shares during the period. Renaissance Group LLC’s holdings in Remitly Global were worth $8,069,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. First Horizon Corp acquired a new stake in Remitly Global during the 3rd quarter worth about $36,000. Exchange Traded Concepts LLC lifted its stake in shares of Remitly Global by 29.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 714 shares during the period. AlphaQuest LLC boosted its position in shares of Remitly Global by 34.4% during the 3rd quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock valued at $71,000 after purchasing an additional 1,115 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its stake in Remitly Global by 40.2% during the second quarter. Caitong International Asset Management Co. Ltd now owns 4,474 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 1,282 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Remitly Global during the second quarter worth approximately $89,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Trading Up 1.6%

Shares of RELY stock opened at $13.01 on Friday. The firm has a market capitalization of $2.72 billion, a PE ratio of 144.56 and a beta of 0.11. The firm has a fifty day simple moving average of $13.80 and a two-hundred day simple moving average of $15.56. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.32.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. The firm had revenue of $419.49 million for the quarter, compared to analyst estimates of $413.73 million. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. The business’s quarterly revenue was up 24.7% compared to the same quarter last year. During the same period last year, the firm earned $0.01 earnings per share. On average, equities analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Activity at Remitly Global

In other news, Director Ryno Blignaut sold 4,500 shares of the stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $13.25, for a total value of $59,625.00. Following the completion of the sale, the director directly owned 41,576 shares of the company’s stock, valued at $550,882. This represents a 9.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joshua Hug sold 40,776 shares of Remitly Global stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $13.33, for a total value of $543,544.08. Following the transaction, the director directly owned 3,654,764 shares in the company, valued at approximately $48,718,004.12. The trade was a 1.10% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 50,276 shares of company stock valued at $673,109. 7.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on RELY shares. The Goldman Sachs Group reissued a “buy” rating and issued a $17.00 price target on shares of Remitly Global in a research note on Tuesday, January 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Remitly Global in a research report on Monday, December 29th. JPMorgan Chase & Co. reduced their price target on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Tuesday, January 20th. Monness Crespi & Hardt decreased their price target on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Finally, William Blair reissued an “outperform” rating on shares of Remitly Global in a research report on Friday, October 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Remitly Global presently has a consensus rating of “Moderate Buy” and an average target price of $24.33.

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.