Lakewood Capital Management LP Invests $16.83 Million in Remitly Global, Inc. $RELY

Lakewood Capital Management LP purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 751,200 shares of the financial services provider’s stock, valued at approximately $16,834,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. GAMMA Investing LLC raised its position in Remitly Global by 45.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 677 shares during the last quarter. California State Teachers Retirement System grew its holdings in shares of Remitly Global by 0.5% during the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after purchasing an additional 679 shares during the last quarter. Main Management ETF Advisors LLC increased its stake in shares of Remitly Global by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock valued at $1,329,000 after buying an additional 984 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Remitly Global by 2.9% in the first quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock valued at $589,000 after buying an additional 1,050 shares in the last quarter. Finally, New York State Teachers Retirement System raised its holdings in shares of Remitly Global by 8.4% in the fourth quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock valued at $210,000 after buying an additional 1,184 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Stock Down 0.3%

Shares of RELY stock opened at $26.59 on Tuesday. The firm has a market cap of $5.63 billion, a price-to-earnings ratio of 19.13 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. The stock has a 50-day moving average price of $23.56 and a 200 day moving average price of $20.02.

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

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Cantor Fitzgerald upped their price target on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. The Goldman Sachs Group raised their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Weiss Ratings upgraded shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. KeyCorp increased their price target on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Finally, Wolfe Research restated an “outperform” rating and issued a $31.00 price objective on shares of Remitly Global in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $27.67.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, Director Phillip John Riese sold 160,182 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $24.94, for a total value of $3,994,939.08. Following the transaction, the director directly owned 361,094 shares of the company’s stock, valued at approximately $9,005,684.36. This trade represents a 30.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Pankaj Sharma sold 16,000 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total transaction of $320,160.00. Following the sale, the insider owned 767,810 shares of the company’s stock, valued at $15,363,878.10. The trade was a 2.04% 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. Insiders sold a total of 490,096 shares of company stock valued at $11,711,588 in the last three months. Insiders own 6.53% of the company’s stock.

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.