Divisadero Street Capital Management LP Lowers Position in Remitly Global, Inc. $RELY

Divisadero Street Capital Management LP cut its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 99.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,463 shares of the financial services provider’s stock after selling 6,858,543 shares during the period. Divisadero Street Capital Management LP’s holdings in Remitly Global were worth $1,002,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of RELY. Norges Bank bought a new position in shares of Remitly Global during the second quarter valued at about $36,619,000. Geode Capital Management LLC boosted its holdings in Remitly Global by 3.6% during the second quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock worth $70,347,000 after purchasing an additional 129,706 shares during the last quarter. LB Partners LLC grew its position in Remitly Global by 60.4% in the 3rd quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider’s stock worth $16,554,000 after purchasing an additional 382,314 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Remitly Global in the 2nd quarter worth about $425,000. Finally, Renaissance Group LLC increased its stake in Remitly Global by 52.0% in the 3rd quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider’s stock valued at $8,069,000 after buying an additional 169,271 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on RELY shares. Citizens Jmp lifted 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 report on Thursday, February 19th. Bank of America started coverage on Remitly Global in a research report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price target for the company. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. Cantor Fitzgerald boosted their price objective on Remitly Global from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, February 19th. Finally, Wall Street Zen upgraded Remitly Global from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. One 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, Remitly Global has an average rating of “Buy” and an average target price of $22.78.

Insiders Place Their Bets

In other Remitly Global news, insider Ankur Sinha sold 9,741 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $16.94, for a total value of $165,012.54. Following the sale, the insider directly owned 1,180,119 shares in the company, valued at $19,991,215.86. The trade was a 0.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joshua Hug sold 29,049 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $17.98, for a total value of $522,301.02. Following the transaction, the director directly owned 3,575,733 shares in the company, valued at $64,291,679.34. This represents a 0.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 12,073,290 shares of company stock valued at $193,019,269. Company insiders own 8.10% of the company’s stock.

Remitly Global Stock Down 1.8%

RELY opened at $15.25 on Monday. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $24.70. The company’s 50-day moving average price is $14.56 and its two-hundred day moving average price is $15.09. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of 49.19 and a beta of 0.06. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18.

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