41,712 Shares in Remitly Global, Inc. $RELY Purchased by State of Wyoming

State of Wyoming purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 41,712 shares of the financial services provider’s stock, valued at approximately $935,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Torren Management LLC bought a new position in shares of Remitly Global during the 4th quarter worth approximately $25,000. Summit Securities Group LLC purchased a new stake in shares of Remitly Global during the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. bought a new stake in Remitly Global during the fourth quarter worth $28,000. HighMark Wealth Management LLC bought a new stake in Remitly Global during the fourth quarter worth $35,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Remitly Global by 140.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 1,545 shares during the period. 74.25% of the stock is owned by institutional investors.

Remitly Global Trading Up 2.7%

NASDAQ:RELY opened at $26.30 on Friday. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.15. The firm’s 50 day moving average is $22.71 and its 200 day moving average is $19.45. The stock has a market capitalization of $5.57 billion, a PE ratio of 18.92 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The business had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. During the same period in the prior year, the company earned $0.03 earnings per share. Remitly Global’s revenue was up 20.2% compared to the same quarter last year. Research analysts predict that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on RELY shares. Zacks Research downgraded Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Wolfe Research reissued an “outperform” rating and issued a $31.00 price target on shares of Remitly Global in a report on Thursday, August 6th. KeyCorp increased their price target on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $27.67.

Insider Transactions at Remitly Global

In other news, Director Nigel W. Morris sold 8,938 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $25.43, for a total transaction of $227,293.34. Following the transaction, the director owned 1,882,056 shares of the company’s stock, valued at $47,860,684.08. This represents a 0.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joshua Hug sold 5,500 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $23.65, for a total value of $130,075.00. Following the transaction, the director owned 2,675,389 shares of the company’s stock, valued at $63,272,949.85. The trade was a 0.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 480,443 shares of company stock valued at $11,238,540. 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.