44,223 Shares in Remitly Global, Inc. $RELY Purchased by Sierra Summit Advisors LLC

Sierra Summit Advisors LLC acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 44,223 shares of the financial services provider’s stock, valued at approximately $721,000.

Several other large investors have also made changes to their positions in the business. Essex Investment Management Co. LLC acquired a new stake in Remitly Global in the 3rd quarter valued at $33,000. First Horizon Corp acquired a new stake in shares of Remitly Global in the third quarter valued at about $36,000. Exchange Traded Concepts LLC increased its stake 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 worth $50,000 after purchasing an additional 714 shares in the last quarter. AlphaQuest LLC increased its stake in shares of Remitly Global by 34.4% during the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 1,115 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Remitly Global during the 2nd quarter worth about $89,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Stock Down 0.8%

Shares of NASDAQ RELY opened at $16.70 on Monday. The company has a market capitalization of $3.52 billion, a P/E ratio of 53.87 and a beta of 0.06. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. The company has a 50 day simple moving average of $14.02 and a 200-day simple moving average of $15.24. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $24.70.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Wall Street Zen upgraded Remitly Global from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Citizens Jmp increased their price objective on Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Thursday, February 19th. Weiss Ratings raised shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. JPMorgan Chase & Co. reduced their target price on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Finally, Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 19th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $22.78.

Insider Activity at Remitly Global

In other Remitly Global news, Director Ryno Blignaut sold 4,500 shares of the business’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $12.89, for a total value of $58,005.00. Following the completion of the transaction, the director owned 32,576 shares in the company, valued at $419,904.64. The trade was a 12.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Pankaj Sharma sold 3,000 shares of the stock in a transaction on 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 sale, the insider owned 215,830 shares in the company, valued at approximately $3,528,820.50. The trade was a 1.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 12,500 shares of company stock valued at $179,455. Insiders own 8.10% of the company’s stock.

Remitly Global Company 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.