Intech Investment Management LLC Buys 20,028 Shares of Remitly Global, Inc. $RELY

Intech Investment Management LLC raised its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 21.6% in the second quarter, Holdings Channel reports. The institutional investor owned 112,878 shares of the financial services provider’s stock after buying an additional 20,028 shares during the quarter. Intech Investment Management LLC’s holdings in Remitly Global were worth $2,119,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in RELY. Creative Planning increased its holdings in shares of Remitly Global by 42.0% during the second quarter. Creative Planning now owns 45,333 shares of the financial services provider’s stock valued at $851,000 after acquiring an additional 13,413 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its position in Remitly Global by 8.9% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 35,438 shares of the financial services provider’s stock valued at $665,000 after purchasing an additional 2,905 shares during the last quarter. Geode Capital Management LLC increased its stake in Remitly Global by 3.6% during the 2nd quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock valued at $70,347,000 after purchasing an additional 129,706 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Remitly Global by 38.8% during the 2nd quarter. PNC Financial Services Group Inc. now owns 18,071 shares of the financial services provider’s stock valued at $339,000 after purchasing an additional 5,050 shares in the last quarter. Finally, Future Fund LLC purchased a new position in Remitly Global in the second quarter worth about $625,000. 74.25% of the stock is owned by institutional investors.

Insider Transactions at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 40,777 shares of the stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $18.41, for a total value of $750,704.57. Following the transaction, the director owned 3,654,288 shares of the company’s stock, valued at approximately $67,275,442.08. This represents a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $15.59, for a total value of $227,348.97. Following the sale, the chief executive officer owned 4,515,188 shares of the company’s stock, valued at approximately $70,391,780.92. This represents a 0.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 71,943 shares of company stock worth $1,246,238. 7.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. The Goldman Sachs Group cut their price target on shares of Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, October 13th. JMP Securities cut their target price on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Monday, September 15th. Weiss Ratings reissued a “sell (d+)” rating on shares of Remitly Global in a report on Wednesday, October 8th. Wall Street Zen upgraded Remitly Global from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $25.88.

Remitly Global Trading Down 1.7%

NASDAQ:RELY opened at $12.40 on Friday. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.32. The company has a market cap of $2.59 billion, a PE ratio of 137.78 and a beta of 0.10. The company has a 50 day simple moving average of $15.48 and a two-hundred day simple moving average of $18.14.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.02. The firm had revenue of $419.49 million for the quarter, compared to analysts’ expectations of $413.73 million. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The company’s revenue was up 24.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.01 EPS. Remitly Global has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. Research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Remitly Global Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.