Future Fund LLC Grows Stake in Remitly Global, Inc. $RELY

Future Fund LLC boosted its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 57.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 83,702 shares of the financial services provider’s stock after acquiring an additional 30,426 shares during the quarter. Future Fund LLC’s holdings in Remitly Global were worth $1,155,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Torren Management LLC bought a new stake in Remitly Global during the fourth quarter worth approximately $25,000. Cullen Frost Bankers Inc. purchased a new stake in Remitly Global during the 4th quarter valued at $28,000. GAMMA Investing LLC raised its holdings in Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after buying an additional 1,628 shares during the period. Essex Investment Management Co. LLC purchased a new stake in Remitly Global during the 3rd quarter valued at $33,000. Finally, HighMark Wealth Management LLC purchased a new stake in Remitly Global during the 4th quarter valued at $35,000. 74.25% of the stock is owned by institutional investors.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $20.02 on Friday. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $24.92. The business has a 50 day simple moving average of $19.55 and a two-hundred day simple moving average of $16.05. The firm has a market capitalization of $4.22 billion, a PE ratio of 40.86 and a beta of 0.40.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (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 business had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. During the same quarter in the previous year, the business earned $0.05 earnings per share. The company’s revenue for the quarter was up 25.2% compared to the same quarter last year. Equities research analysts expect that Remitly Global, Inc. will post 0.67 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Ltd Naspers sold 12,000,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $15.98, for a total transaction of $191,760,000.00. Following the completion of the transaction, the insider owned 13,441,745 shares in the company, valued at $214,799,085.10. The trade was a 47.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joshua Hug sold 34,383 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $24.89, for a total value of $855,792.87. Following the transaction, the director owned 3,482,320 shares of the company’s stock, valued at $86,674,944.80. This trade represents 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 ninety days, insiders have sold 12,249,475 shares of company stock valued at $196,767,958. 6.53% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently weighed in on RELY. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. Zacks Research lowered Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Monness Crespi & Hardt increased their price target on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Wall Street Zen lowered Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. Finally, Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $24.63.

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.