Remitly Global, Inc. $RELY Shares Acquired by LB Partners LLC

LB Partners LLC lifted its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 60.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,015,584 shares of the financial services provider’s stock after acquiring an additional 382,314 shares during the period. Remitly Global makes up approximately 10.6% of LB Partners LLC’s investment portfolio, making the stock its 3rd largest holding. LB Partners LLC owned 0.49% of Remitly Global worth $16,554,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Geode Capital Management LLC grew its position 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 worth $70,347,000 after purchasing an additional 129,706 shares during the last quarter. State Street Corp lifted its stake in shares of Remitly Global by 4.5% during the second quarter. State Street Corp now owns 3,442,163 shares of the financial services provider’s stock worth $64,609,000 after buying an additional 146,768 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Remitly Global by 97.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,986,570 shares of the financial services provider’s stock valued at $56,058,000 after buying an additional 1,472,210 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Remitly Global by 12.6% during the second quarter. Marshall Wace LLP now owns 2,637,068 shares of the financial services provider’s stock valued at $49,498,000 after buying an additional 294,867 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Remitly Global in the 2nd quarter valued at $36,619,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Stock Down 0.8%

Remitly Global stock opened at $14.17 on Friday. The business’s 50-day moving average price is $13.71 and its 200 day moving average price is $15.84. The firm has a market cap of $2.96 billion, a price-to-earnings ratio of 157.44 and a beta of 0.11. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $27.32.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. The company had revenue of $419.49 million during the quarter, compared to the consensus estimate of $413.73 million. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.Remitly Global’s revenue for the quarter was up 24.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.01 earnings per share. Equities analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Buying and Selling

In other news, insider Pankaj Sharma sold 3,000 shares of the stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $15.00, for a total transaction of $45,000.00. Following the sale, the insider directly owned 220,830 shares of the company’s stock, valued at $3,312,450. This represents a 1.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ryno Blignaut sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total value of $59,625.00. Following the sale, the director owned 41,576 shares in the company, valued at $550,882. This trade represents a 9.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 50,276 shares of company stock valued at $673,109. Corporate insiders own 7.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on RELY. Weiss Ratings reiterated a “sell (d+)” rating on shares of Remitly Global in a research note on Monday, December 29th. JPMorgan Chase & Co. dropped their target price on Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 20th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th. The Goldman Sachs Group restated a “buy” rating and set a $17.00 price objective on shares of Remitly Global in a research note on Tuesday, January 6th. Finally, Monness Crespi & Hardt dropped their price objective on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $25.25.

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.