Quantbot Technologies LP Invests $2.02 Million in Remitly Global, Inc. $RELY

Quantbot Technologies LP purchased a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 123,617 shares of the financial services provider’s stock, valued at approximately $2,015,000. Quantbot Technologies LP owned 0.06% of Remitly Global at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Remitly Global by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after acquiring an additional 3,870 shares in the last quarter. Millennium Management LLC boosted its position in shares of Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after purchasing an additional 124,798 shares in the last quarter. Caxton Associates LLP purchased a new stake in Remitly Global in the first quarter worth $218,000. Focus Partners Wealth purchased a new stake in Remitly Global in the first quarter worth $1,458,000. Finally, Envestnet Asset Management Inc. raised its holdings in Remitly Global by 8.2% in the second quarter. Envestnet Asset Management Inc. now owns 64,490 shares of the financial services provider’s stock worth $1,210,000 after purchasing an additional 4,900 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Price Performance

Shares of RELY opened at $17.37 on Thursday. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $24.70. The company has a market capitalization of $3.66 billion, a P/E ratio of 56.03 and a beta of 0.06. The firm has a 50 day moving average of $14.19 and a 200 day moving average of $15.23. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The business had revenue of $442.18 million for the quarter, compared to the consensus estimate of $427.27 million. During the same period last year, the business posted ($0.03) EPS. The company’s revenue was up 25.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on RELY. Wall Street Zen raised shares of Remitly Global from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. Weiss Ratings upgraded shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, February 20th. JPMorgan Chase & Co. dropped their price target 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. Finally, Citizens Jmp raised their price objective on Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report on Thursday, February 19th. One research 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’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $22.78.

Insider Activity

In related news, insider Pankaj Sharma sold 3,000 shares of the firm’s stock in a transaction that occurred 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 sale, the insider owned 215,830 shares in the company, valued at approximately $3,528,820.50. This trade represents a 1.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $58,005.00. Following the sale, the director owned 32,576 shares of the company’s stock, valued at approximately $419,904.64. This represents a 12.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 12,500 shares of company stock valued at $179,455 over the last quarter. 7.50% of the stock is owned by corporate insiders.

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.