Remitly Global, Inc. $RELY is LB Partners LLC’s Largest Position

LB Partners LLC increased its position in Remitly Global, Inc. (NASDAQ:RELY) by 22.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,529,195 shares of the financial services provider’s stock after purchasing an additional 280,307 shares during the period. Remitly Global makes up approximately 21.5% of LB Partners LLC’s holdings, making the stock its biggest position. LB Partners LLC owned 0.73% of Remitly Global worth $23,962,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of RELY. Torren Management LLC bought a new stake in Remitly Global during the 4th quarter valued at about $25,000. Cullen Frost Bankers Inc. bought a new position in shares of Remitly Global in the fourth quarter worth approximately $28,000. GAMMA Investing LLC lifted its stake in shares of Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after buying an additional 1,628 shares in the last quarter. HighMark Wealth Management LLC purchased a new stake in shares of Remitly Global during the fourth quarter valued at approximately $35,000. Finally, Quarry LP purchased a new stake in shares of Remitly Global during the third quarter valued at approximately $42,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RELY has been the subject of a number of recent analyst reports. Weiss Ratings upgraded shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. Wall Street Zen downgraded Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. The Goldman Sachs Group reissued a “buy” rating and issued a $27.00 target price on shares of Remitly Global in a report on Thursday, May 7th. KeyCorp boosted their price target on Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Finally, Freedom Capital raised Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.62.

Insider Transactions at Remitly Global

In other news, Director Phillip John Riese sold 40,000 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $20.04, for a total value of $801,600.00. Following the transaction, the director directly owned 122,496 shares in the company, valued at $2,454,819.84. This trade represents a 24.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joshua Hug sold 34,383 shares of Remitly Global stock in a transaction on Monday, May 11th. The stock was sold at an average price of $24.89, for a total value of $855,792.87. Following the completion of the sale, the director directly owned 3,482,320 shares of the company’s stock, valued at $86,674,944.80. The trade was a 0.98% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 250,618 shares of company stock worth $5,326,743. Company insiders own 6.53% of the company’s stock.

Remitly Global Stock Up 2.4%

Shares of Remitly Global stock opened at $22.95 on Thursday. The company has a market cap of $4.83 billion, a price-to-earnings ratio of 46.84 and a beta of 0.34. The company’s 50 day moving average is $21.21 and its 200 day moving average is $17.25. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $24.92.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.11. The company had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The firm’s quarterly revenue was up 25.2% on a year-over-year basis. During the same quarter last year, the company posted $0.05 earnings per share. Sell-side analysts expect that Remitly Global, Inc. will post 0.62 EPS 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.