Generation Investment Management LLP Takes $109.64 Million Position in Remitly Global, Inc. $RELY

Generation Investment Management LLP bought a new position in Remitly Global, Inc. (NASDAQ:RELY) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 4,892,320 shares of the financial services provider’s stock, valued at approximately $109,637,000. Remitly Global comprises 1.1% of Generation Investment Management LLP’s portfolio, making the stock its 20th biggest position. Generation Investment Management LLP owned 2.31% of Remitly Global at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Remitly Global by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after purchasing an additional 3,870 shares during the period. Millennium Management LLC boosted its position in shares of Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after buying an additional 124,798 shares during the period. Caxton Associates LLP bought a new position in shares of Remitly Global during the first quarter valued at approximately $218,000. Focus Partners Wealth bought a new position in shares of Remitly Global during the first quarter valued at approximately $1,458,000. Finally, Cetera Investment Advisers raised its holdings in shares of Remitly Global by 12.0% in the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after buying an additional 1,286 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Nigel W. Morris sold 3,249 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $26.53, for a total transaction of $86,195.97. Following the transaction, the director owned 1,827,807 shares of the company’s stock, valued at approximately $48,491,719.71. This represents a 0.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joshua Hug sold 5,500 shares of the firm’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $23.65, for a total value of $130,075.00. Following the transaction, the director owned 2,675,389 shares in the company, valued at approximately $63,272,949.85. This represents a 0.21% 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. In the last ninety days, insiders sold 522,692 shares of company stock worth $12,398,386. 6.53% of the stock is currently owned by company insiders.

Remitly Global Stock Performance

Remitly Global stock opened at $25.06 on Thursday. The company has a market capitalization of $5.30 billion, a PE ratio of 18.03 and a beta of 0.34. The company has a 50 day moving average price of $23.15 and a 200-day moving average price of $19.74. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.15.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. The Goldman Sachs Group increased their target price on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Wolfe Research reiterated an “outperform” rating and set a $31.00 target price on shares of Remitly Global in a research report on Thursday, August 6th. Citizens Jmp boosted their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Finally, Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $27.67.

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.