Ieq Capital LLC Purchases New Position in Remitly Global, Inc. $RELY

Ieq Capital LLC acquired a new position in Remitly Global, Inc. (NASDAQ:RELY) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 214,148 shares of the financial services provider’s stock, valued at approximately $4,799,000.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Remitly Global during the 2nd quarter valued at $410,752,000. Marshall Wace LLP lifted its holdings in shares of Remitly Global by 30.4% in the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock worth $82,741,000 after buying an additional 1,396,568 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after buying an additional 2,567,446 shares in the last quarter. Bank of America Corp DE grew its position in shares of Remitly Global by 471.7% during the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after buying an additional 4,252,294 shares in the last quarter. Finally, Generation Investment Management LLP purchased a new position in shares of Remitly Global during the second quarter valued at $109,637,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $26.67 on Monday. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.15. The stock’s fifty day simple moving average is $23.42 and its two-hundred day simple moving average is $19.92. The stock has a market capitalization of $5.65 billion, a PE ratio of 19.19 and a beta of 0.34.

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RELY. The Goldman Sachs Group lifted their price objective on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. KeyCorp raised their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, Wolfe Research restated an “outperform” rating and issued a $31.00 price target on shares of Remitly Global in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $27.67.

Insider Buying and Selling

In other Remitly Global news, Director Nigel W. Morris sold 20,000 shares of Remitly Global stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $26.20, for a total value of $524,000.00. Following the transaction, the director owned 1,851,056 shares in the company, valued at $48,497,667.20. The trade was a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pankaj Sharma sold 16,000 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $20.01, for a total transaction of $320,160.00. Following the completion of the transaction, the insider owned 767,810 shares of the company’s stock, valued at $15,363,878.10. This represents a 2.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 522,692 shares of company stock valued at $12,398,386 over the last three months. Corporate 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.