Azora Capital LP Acquires New Position in Remitly Global, Inc. $RELY

Azora Capital LP acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY) during the 3rd quarter, HoldingsChannel reports. The firm acquired 1,914,912 shares of the financial services provider’s stock, valued at approximately $31,213,000. Remitly Global makes up 1.4% of Azora Capital LP’s investment portfolio, making the stock its 26th biggest holding.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 buying an additional 3,870 shares during the period. Millennium Management LLC increased its stake in shares of Remitly Global by 57.1% in the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after acquiring an additional 124,798 shares during the last quarter. Caxton Associates LLP acquired a new position in shares of Remitly Global in the first quarter worth $218,000. Focus Partners Wealth purchased a new stake in shares of Remitly Global during the first quarter worth $1,458,000. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Remitly Global by 8.2% during the second quarter. Envestnet Asset Management Inc. now owns 64,490 shares of the financial services provider’s stock worth $1,210,000 after acquiring an additional 4,900 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Trading Down 1.8%

Remitly Global stock opened at $15.25 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of 49.19 and a beta of 0.06. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.70. The company’s fifty day moving average price is $14.56 and its two-hundred day moving average price is $15.11.

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

Analyst Ratings Changes

RELY has been the topic of a number of recent research reports. Citizens Jmp boosted their target price on Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Thursday, February 19th. Weiss Ratings raised Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Oppenheimer set a $20.00 price target on Remitly Global in a report on Thursday, February 19th. Bank of America started coverage on Remitly Global in a research note on Tuesday, February 10th. They issued a “buy” rating and a $18.00 price target for the company. Finally, Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $22.78.

Insiders Place Their Bets

In other Remitly Global news, Director Joshua Hug sold 29,049 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $17.98, for a total transaction of $522,301.02. Following the completion of the sale, the director owned 3,575,733 shares of the company’s stock, valued at $64,291,679.34. This represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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, March 3rd. The shares were sold at an average price of $17.50, for a total value of $437,500.00. Following the transaction, the chief financial officer owned 862,759 shares in the company, valued at approximately $15,098,282.50. This trade represents a 2.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,073,290 shares of company stock worth $193,019,269 in the last three months. 7.50% of the stock is owned by insiders.

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.