Tocqueville Asset Management L.P. Makes New $5.27 Million Investment in Remitly Global, Inc. $RELY

Tocqueville Asset Management L.P. acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 235,000 shares of the financial services provider’s stock, valued at approximately $5,266,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Torren Management LLC bought a new stake in shares of Remitly Global in the 4th quarter worth about $25,000. Summit Securities Group LLC bought a new position in Remitly Global during the 1st quarter valued at about $26,000. Cullen Frost Bankers Inc. bought a new position in Remitly Global during the 4th quarter valued at about $28,000. HighMark Wealth Management LLC purchased a new stake in Remitly Global in the 4th quarter worth about $35,000. Finally, EverSource Wealth Advisors LLC raised its position in 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 purchasing an additional 1,545 shares during the period. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Insider Activity

In related news, Director Joshua Hug sold 5,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $23.65, for a total value of $130,075.00. Following the completion of the sale, the director owned 2,675,389 shares in the company, valued at approximately $63,272,949.85. The trade was a 0.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 Remitly Global stock in a transaction 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 sale, the director directly owned 261,094 shares of the company’s stock, valued at approximately $6,146,152.76. This trade represents a 21.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 522,692 shares of company stock valued at $12,398,386. Corporate insiders own 6.53% of the company’s stock.

Analysts Set New Price Targets

RELY has been the subject of several recent analyst reports. The Goldman Sachs Group boosted their target price on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Wolfe Research reiterated an “outperform” rating and issued a $31.00 price target on shares of Remitly Global in a report on Thursday, August 6th. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Citizens Jmp raised their price target on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Finally, Cantor Fitzgerald boosted their price objective on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Remitly Global has an average rating of “Buy” and an average price target of $27.67.

Remitly Global Price Performance

RELY stock opened at $24.71 on Friday. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.15. The firm’s 50-day moving average is $23.27 and its 200 day moving average is $19.82. The company has a market capitalization of $5.23 billion, a PE ratio of 17.78 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.81. The company had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.03 EPS. Sell-side analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

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.