Corient Private Wealth LP Makes New $4.45 Million Investment in Remitly Global, Inc. $RELY

Corient Private Wealth LP purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the second quarter, HoldingsChannel.com reports. The fund purchased 198,334 shares of the financial services provider’s stock, valued at approximately $4,445,000.

A number of other hedge funds also recently modified their holdings of RELY. Bank of America Corp DE acquired a new position in shares of Remitly Global in the 2nd quarter valued at approximately $27,757,000. Freestone Grove Partners LP acquired a new stake in Remitly Global during the 2nd quarter worth approximately $10,577,000. Odyssean LLC acquired a new stake in Remitly Global during the 2nd quarter worth approximately $1,826,000. Man Group plc bought a new position in Remitly Global in the second quarter valued at approximately $5,076,000. Finally, Jupiter Topco LLC bought a new position in Remitly Global in the second quarter valued at approximately $1,682,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insiders Place Their Bets

In related news, Director Phillip John Riese sold 69,818 shares of Remitly Global stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $23.54, for a total value of $1,643,515.72. Following the sale, the director owned 261,094 shares of the company’s stock, valued at approximately $6,146,152.76. The trade was a 21.10% 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, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total value of $653,750.00. Following the sale, the chief financial officer owned 943,735 shares in the company, valued at $24,678,670.25. The trade was a 2.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 502,771 shares of company stock valued at $12,328,147 in the last quarter. 6.53% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on RELY shares. The Goldman Sachs Group upped their price target on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th. KeyCorp boosted their price objective 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. Wolfe Research upped their target price on shares of Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 25th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Finally, Cantor Fitzgerald lifted their price target on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Remitly Global currently has a consensus rating of “Buy” and an average target price of $27.78.

Remitly Global Stock Up 0.7%

Shares of RELY stock opened at $26.74 on Tuesday. The company’s fifty day simple moving average is $24.11 and its 200-day simple moving average is $20.48. The firm has a market cap of $5.66 billion, a PE ratio of 19.24 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.

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

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.