Keebeck Wealth Management Acquires New Position in Remitly Global, Inc. $RELY

Keebeck Wealth Management acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 27,828 shares of the financial services provider’s stock, valued at approximately $624,000.

Several other large investors have also recently added to or reduced their stakes in RELY. Summit Securities Group LLC acquired a new position in shares of Remitly Global in the first quarter worth $26,000. Torren Management LLC purchased a new stake in shares of Remitly Global during the fourth quarter worth $25,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Remitly Global in the fourth quarter valued at $28,000. GAMMA Investing LLC raised its stake in shares of Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 677 shares in the last quarter. Finally, HighMark Wealth Management LLC purchased a new position in Remitly Global in the fourth quarter valued at $35,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Trading Up 7.9%

Remitly Global stock opened at $26.67 on Friday. The company has a fifty day simple moving average of $23.42 and a 200-day simple moving average of $19.87. The stock has a market cap of $5.65 billion, a P/E ratio of 19.19 and a beta of 0.34. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.15.

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

Insider Buying and Selling at Remitly Global

In other news, Director Nigel W. Morris sold 20,000 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $26.20, for a total transaction of $524,000.00. Following the completion of the transaction, the director directly owned 1,851,056 shares of the company’s stock, valued at approximately $48,497,667.20. This represents a 1.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $526,750.00. Following the completion of the transaction, the chief financial officer owned 988,004 shares in the company, valued at approximately $20,817,244.28. The trade was a 2.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 522,692 shares of company stock worth $12,398,386. Corporate insiders own 6.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Wolfe Research reissued an “outperform” rating and set a $31.00 target price on shares of Remitly Global in a research note on Thursday, August 6th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Citizens Jmp lifted their price objective on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Finally, Weiss Ratings upgraded shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $27.67.

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.