GSA Capital Partners LLP Has $371,000 Position in Remitly Global, Inc. $RELY

GSA Capital Partners LLP lessened its stake in Remitly Global, Inc. (NASDAQ:RELY) by 69.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,789 shares of the financial services provider’s stock after selling 51,249 shares during the period. GSA Capital Partners LLP’s holdings in Remitly Global were worth $371,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Essex Investment Management Co. LLC acquired a new position in Remitly Global in the 3rd quarter valued at approximately $33,000. First Horizon Corp bought a new stake in shares of Remitly Global during the third quarter valued at approximately $36,000. Exchange Traded Concepts LLC increased its position in shares of Remitly Global by 29.9% during the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 714 shares during the period. AlphaQuest LLC raised its stake in shares of Remitly Global by 34.4% in the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock valued at $71,000 after purchasing an additional 1,115 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Remitly Global in the second quarter worth $89,000. 74.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Joshua Hug sold 40,776 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $13.33, for a total transaction of $543,544.08. Following the transaction, the director owned 3,654,764 shares of the company’s stock, valued at $48,718,004.12. This represents a 1.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Pankaj Sharma sold 3,000 shares of the firm’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $16.35, for a total value of $49,050.00. Following the completion of the transaction, the insider owned 215,830 shares in the company, valued at approximately $3,528,820.50. This represents a 1.37% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 53,276 shares of company stock valued at $722,999. 7.50% of the stock is currently owned by corporate insiders.

Remitly Global Stock Up 3.6%

Shares of NASDAQ RELY opened at $16.84 on Friday. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $24.70. The firm’s 50-day simple moving average is $13.98 and its 200 day simple moving average is $15.32. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. The company has a market cap of $3.55 billion, a price-to-earnings ratio of 54.32 and a beta of 0.11.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The company had revenue of $442.18 million during the quarter, compared to the consensus estimate of $427.27 million. During the same period in the previous year, the firm posted ($0.03) earnings per share. The company’s revenue was up 25.7% on a year-over-year basis. On average, research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RELY has been the topic of several analyst reports. The Goldman Sachs Group boosted their price target on shares of Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, February 19th. Oppenheimer set a $20.00 target price on shares of Remitly Global in a research note on Thursday, February 19th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 19th. Cantor Fitzgerald lifted their price objective on Remitly Global from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, February 19th. Finally, JPMorgan Chase & Co. lowered their price objective on Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $22.78.

Remitly Global 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.