Azora Capital LP Purchases 964,656 Shares of Remitly Global, Inc. $RELY

Azora Capital LP lifted its position in Remitly Global, Inc. (NASDAQ:RELY) by 50.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,879,568 shares of the financial services provider’s stock after buying an additional 964,656 shares during the period. Remitly Global comprises 2.5% of Azora Capital LP’s holdings, making the stock its 16th largest position. Azora Capital LP owned 1.38% of Remitly Global worth $39,738,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in RELY. Torren Management LLC bought a new position in Remitly Global during the 4th quarter worth about $25,000. Cullen Frost Bankers Inc. bought a new position in Remitly Global during the 4th quarter worth about $28,000. GAMMA Investing LLC increased its holdings in Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,628 shares in the last quarter. HighMark Wealth Management LLC bought a new position in Remitly Global during the 4th quarter worth about $35,000. Finally, EverSource Wealth Advisors LLC increased its holdings in Remitly Global by 140.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 1,545 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

Remitly Global stock opened at $20.43 on Thursday. The firm has a 50-day moving average of $20.49 and a 200-day moving average of $16.69. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92. The company has a market cap of $4.30 billion, a price-to-earnings ratio of 41.69 and a beta of 0.37.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The company had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. During the same period in the prior year, the business posted $0.05 EPS. The company’s quarterly revenue was up 25.2% on a year-over-year basis. As a group, sell-side analysts expect that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RELY shares. KeyCorp increased their target price on Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Citigroup reiterated a “market outperform” rating on shares of Remitly Global in a report on Thursday, June 4th. Wall Street Zen cut Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. Monness Crespi & Hardt increased their price objective on shares of Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, Oppenheimer set a $20.00 price objective on shares of Remitly Global in a research note on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.63.

Insider Activity at Remitly Global

In related news, Director Bora Chung sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total value of $257,040.00. Following the completion of the sale, the director directly owned 125,317 shares in the company, valued at approximately $2,684,290.14. This trade represents a 8.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Pankaj Sharma sold 16,000 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $20.01, for a total transaction of $320,160.00. Following the completion of the sale, the insider owned 767,810 shares of the company’s stock, valued at $15,363,878.10. This trade represents a 2.04% decrease in their ownership of the stock. 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. Over the last 90 days, insiders sold 243,818 shares of company stock worth $5,093,447. Corporate insiders own 6.53% 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.