Freestone Grove Partners LP Takes Position in Remitly Global, Inc. $RELY

Freestone Grove Partners LP bought a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 471,995 shares of the financial services provider’s stock, valued at approximately $10,577,000. Freestone Grove Partners LP owned approximately 0.22% of Remitly Global as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Torren Management LLC purchased a new stake in Remitly Global during the 4th quarter valued at approximately $25,000. Summit Securities Group LLC purchased a new stake in Remitly Global during the 1st quarter valued at $26,000. Cullen Frost Bankers Inc. bought a new position in Remitly Global during the fourth quarter valued at $28,000. HighMark Wealth Management LLC bought a new position in Remitly Global during the fourth quarter valued at $35,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Remitly Global by 140.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 1,545 shares during the period. Institutional investors own 74.25% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Cantor Fitzgerald increased their price objective 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. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Wolfe Research upped their target price on Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, Citigroup reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Two 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. Based on data from MarketBeat, Remitly Global presently has a consensus rating of “Buy” and a consensus target price of $27.78.

Remitly Global Price Performance

Shares of NASDAQ RELY opened at $25.99 on Friday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15. The business has a fifty day moving average price of $23.88 and a 200 day moving average price of $20.29. The stock has a market capitalization of $5.50 billion, a P/E ratio of 18.70 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. During the same quarter last year, the firm earned $0.03 EPS. The business’s quarterly revenue was up 20.2% on a year-over-year basis. As a group, equities research analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Insider Activity at Remitly Global

In related news, Director Phillip John Riese sold 160,182 shares of Remitly Global 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 completion of the sale, the director directly owned 361,094 shares in the company, valued at $9,005,684.36. This trade represents a 30.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joshua Hug sold 33,600 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $21.03, for a total transaction of $706,608.00. Following the sale, the director directly owned 3,424,244 shares in the company, valued at approximately $72,011,851.32. This represents a 0.97% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 515,371 shares of company stock worth $12,480,565. 6.53% of the stock is owned by insiders.

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.