26,269 Shares in Remitly Global, Inc. $RELY Purchased by OP Asset Management Ltd

OP Asset Management Ltd purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 26,269 shares of the financial services provider’s stock, valued at approximately $412,000.

Other institutional investors also recently bought and sold shares of the company. Creek Drive Management Group LLC purchased a new stake in shares of Remitly Global in the fourth quarter valued at approximately $2,036,000. PEAK6 LLC lifted its position in shares of Remitly Global by 260.0% during the 4th quarter. PEAK6 LLC now owns 46,928 shares of the financial services provider’s stock valued at $648,000 after buying an additional 76,258 shares in the last quarter. Corient Private Wealth LLC lifted its position in shares of Remitly Global by 4.2% during the 4th quarter. Corient Private Wealth LLC now owns 205,978 shares of the financial services provider’s stock valued at $2,843,000 after buying an additional 8,300 shares in the last quarter. Virtu Financial LLC acquired a new stake in Remitly Global in the 4th quarter valued at $268,000. Finally, Mercer Global Advisors Inc. ADV grew its stake in Remitly Global by 102.4% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 562,835 shares of the financial services provider’s stock valued at $7,767,000 after acquiring an additional 284,713 shares during the period. 74.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on RELY. Citigroup reissued a “market outperform” rating on shares of Remitly Global in a report on Thursday, June 4th. Cantor Fitzgerald increased their price objective on shares of Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Freedom Capital upgraded shares of Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Citizens Jmp boosted their target price on shares of Remitly Global from $22.00 to $26.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 7th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $27.00 price target on shares of Remitly Global in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.62.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $22.41 on Wednesday. The business’s 50 day moving average price is $21.17 and its 200-day moving average price is $17.19. The firm has a market capitalization of $4.72 billion, a PE ratio of 45.73 and a beta of 0.37. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $24.92.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. During the same period in the prior year, the company earned $0.05 EPS. The firm’s revenue was up 25.2% compared to the same quarter last year. As a group, analysts expect that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Insider Activity at Remitly Global

In other news, insider Pankaj Sharma sold 16,000 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $20.01, for a total value of $320,160.00. Following the transaction, the insider directly owned 767,810 shares of the company’s stock, valued at approximately $15,363,878.10. This trade represents a 2.04% decrease in their ownership of the stock. 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 16,800 shares of the firm’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $22.97, for a total transaction of $385,896.00. Following the completion of the transaction, the director directly owned 3,385,457 shares in the company, valued at approximately $77,763,947.29. This represents a 0.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 250,618 shares of company stock worth $5,326,743 over the last 90 days. Corporate insiders own 6.53% of the company’s stock.

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.