Horizon Investment Services LLC Invests $1.02 Million in Remitly Global, Inc. $RELY

Horizon Investment Services LLC acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 45,403 shares of the financial services provider’s stock, valued at approximately $1,017,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Torren Management LLC purchased a new stake in shares of Remitly Global during the 4th quarter worth approximately $25,000. Summit Securities Group LLC purchased a new position in shares of Remitly Global in the first quarter valued at $26,000. Cullen Frost Bankers Inc. acquired a new position in shares of Remitly Global during the 4th quarter worth $28,000. HighMark Wealth Management LLC purchased a new stake in shares of Remitly Global in the 4th quarter worth about $35,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Remitly Global by 140.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock worth $36,000 after buying an additional 1,545 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on RELY. Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. KeyCorp boosted their price target on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. The Goldman Sachs Group increased their price objective on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, Cantor Fitzgerald upped their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $27.67.

Remitly Global Price Performance

Shares of RELY opened at $26.30 on Monday. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.15. The stock’s 50-day moving average is $22.71 and its two-hundred day moving average is $19.49. The stock has a market cap of $5.57 billion, a PE ratio of 18.92 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same period in the prior year, the firm earned $0.03 earnings per share. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, research analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Insiders Place Their Bets

In other Remitly Global news, insider Pankaj Sharma sold 16,000 shares of Remitly Global stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total transaction of $320,160.00. Following the sale, the insider directly owned 767,810 shares in the company, valued at $15,363,878.10. The trade was a 2.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Phillip John Riese sold 69,818 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $23.54, for a total value of $1,643,515.72. Following the completion of the transaction, the director directly owned 261,094 shares in the company, valued at approximately $6,146,152.76. The trade was a 21.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 480,443 shares of company stock worth $11,238,540 in the last quarter. Company 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.