State of New Jersey Common Pension Fund D Increases Holdings in Remitly Global, Inc. $RELY

State of New Jersey Common Pension Fund D raised its stake in Remitly Global, Inc. (NASDAQ:RELY) by 37.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 114,235 shares of the financial services provider’s stock after buying an additional 31,118 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Remitly Global were worth $1,862,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Remitly Global by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after acquiring an additional 3,870 shares during the last quarter. Millennium Management LLC increased its position in Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after purchasing an additional 124,798 shares during the last quarter. Caxton Associates LLP purchased a new position in Remitly Global during the first quarter worth about $218,000. Focus Partners Wealth acquired a new position in Remitly Global in the 1st quarter valued at about $1,458,000. Finally, Envestnet Asset Management Inc. grew its stake in shares of Remitly Global by 8.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 64,490 shares of the financial services provider’s stock valued at $1,210,000 after buying an additional 4,900 shares during the period. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Trading Up 3.6%

Shares of RELY stock opened at $16.84 on Friday. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.70. The company has a 50 day moving average price of $13.98 and a 200 day moving average price of $15.32. The stock has a market capitalization of $3.55 billion, a P/E ratio of 54.32 and a beta of 0.11. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. The company had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The firm’s quarterly revenue was up 25.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) EPS. Equities research analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Activity at Remitly Global

In related news, insider Pankaj Sharma sold 3,000 shares of the business’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $16.35, for a total transaction of $49,050.00. Following the completion of the transaction, the insider directly owned 215,830 shares of the company’s stock, valued at $3,528,820.50. The trade was a 1.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joshua Hug sold 40,776 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $13.33, for a total value of $543,544.08. Following the sale, the director owned 3,654,764 shares in the company, valued at approximately $48,718,004.12. This trade represents a 1.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 53,276 shares of company stock worth $722,999. Company insiders own 7.50% of the company’s stock.

Analyst Ratings Changes

RELY has been the topic of several analyst reports. Bank of America began coverage on shares of Remitly Global in a research report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price target on the stock. Weiss Ratings raised Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Wall Street Zen raised Remitly Global from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. JPMorgan Chase & Co. reduced their price objective on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. Finally, Citizens Jmp increased their target price on shares of Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Remitly Global has a consensus rating of “Buy” and a consensus price target of $22.78.

About Remitly Global

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.