641,454 Shares in Remitly Global, Inc. $RELY Purchased by First Eagle Investment Management LLC

First Eagle Investment Management LLC acquired a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 641,454 shares of the financial services provider’s stock, valued at approximately $8,852,000.

Other institutional investors have also recently added to or reduced their stakes in the company. California State Teachers Retirement System lifted its holdings in shares of Remitly Global by 0.5% in the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after purchasing an additional 679 shares in the last quarter. Xponance Inc. lifted its holdings in shares of Remitly Global by 8.7% in the third quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock valued at $217,000 after purchasing an additional 1,060 shares in the last quarter. AlphaQuest LLC lifted its holdings in shares of Remitly Global by 34.4% in the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock valued at $71,000 after purchasing an additional 1,115 shares in the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Remitly Global by 8.4% in the fourth quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock valued at $210,000 after purchasing an additional 1,184 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co raised its position in shares of Remitly Global by 8.9% in the third quarter. Elo Mutual Pension Insurance Co now owns 14,518 shares of the financial services provider’s stock valued at $237,000 after buying an additional 1,192 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Insider Activity

In related news, insider Ltd Naspers sold 12,000,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $15.98, for a total transaction of $191,760,000.00. Following the completion of the transaction, the insider owned 13,441,745 shares of the company’s stock, valued at approximately $214,799,085.10. This represents a 47.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Pankaj Sharma sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. Following the transaction, the insider directly owned 665,878 shares of the company’s stock, valued at $13,317,560. This trade represents a 1.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 12,161,520 shares of company stock valued at $194,745,702 in the last ninety days. 6.53% of the stock is owned by company insiders.

Remitly Global Stock Performance

Shares of RELY opened at $23.86 on Wednesday. The company has a market capitalization of $5.02 billion, a price-to-earnings ratio of 48.69 and a beta of 0.40. The company’s 50 day simple moving average is $18.27 and its 200 day simple moving average is $15.54. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $24.92.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The firm had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. During the same quarter in the prior year, the business posted $0.05 earnings per share. Remitly Global’s revenue for the quarter was up 25.2% compared to the same quarter last year. Equities analysts expect that Remitly Global, Inc. will post 0.67 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RELY. JPMorgan Chase & Co. reduced their price objective on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. The Goldman Sachs Group reissued a “buy” rating and set a $27.00 price objective on shares of Remitly Global in a research note on Thursday, May 7th. Monness Crespi & Hardt upped their price objective on shares of Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Cantor Fitzgerald upped their price objective on shares of Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and a consensus target price of $24.63.

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.