Meeder Asset Management Inc. Takes $612,000 Position in Remitly Global, Inc. $RELY

Meeder Asset Management Inc. bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 27,306 shares of the financial services provider’s stock, valued at approximately $612,000.

Other large investors have also added to or reduced their stakes in the company. Summit Securities Group LLC acquired a new stake in Remitly Global during the 1st quarter valued at $26,000. Torren Management LLC acquired a new position in shares of Remitly Global in the fourth quarter valued at $25,000. Cullen Frost Bankers Inc. bought a new position in shares of Remitly Global in the fourth quarter valued at about $28,000. GAMMA Investing LLC raised its position in shares of Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 677 shares during the period. Finally, HighMark Wealth Management LLC acquired a new stake in shares of Remitly Global during the 4th quarter worth about $35,000. Institutional investors own 74.25% of the company’s stock.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 16,000 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the sale, the insider owned 767,810 shares of the company’s stock, valued at approximately $15,363,878.10. This trade represents a 2.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joshua Hug sold 33,600 shares of Remitly Global stock in a transaction on Monday, June 1st. The shares were sold at an average price of $21.03, for a total value of $706,608.00. Following the completion of the transaction, the director owned 3,424,244 shares in the company, valued at approximately $72,011,851.32. The trade was a 0.97% decrease in their position. 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 quarter, insiders sold 499,443 shares of company stock worth $11,786,990. Corporate insiders own 6.53% of the company’s stock.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $25.44 on Wednesday. The business’s 50 day simple moving average is $23.01 and its 200 day simple moving average is $19.66. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15. The company has a market capitalization of $5.39 billion, a P/E ratio of 18.30 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. The firm had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.03 EPS. On average, sell-side analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Remitly Global News Roundup

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Zacks upgraded RELY to Rank #1, or “Strong Buy.” The upgrade reflects growing optimism about Remitly’s earnings outlook and may support continued buying interest. Zacks Strong Buy upgrade
• Positive Sentiment: Upward earnings-estimate revisions are signaling potential near-term upside. Zacks identified RELY as a fundamentally strong stock with improving expectations and recent price strength. Earnings estimate revisions
• Positive Sentiment: RELY appeared on several Zacks relative-strength, momentum and Strong Buy lists. This additional visibility could attract momentum-focused investors. Zacks relative-strength list
• Positive Sentiment: Fundamentals remain supportive. Remitly’s latest quarter delivered 20.2% year-over-year revenue growth, $495.16 million in revenue and $0.93 in earnings per share, well above the $0.12 consensus estimate. Analysts retain a “Moderate Buy” consensus, with an average price target of $27.67.
• Neutral Sentiment: The stock is trading near its 52-week high, indicating strong momentum but also leaving less room for error if expectations weaken.
• Negative Sentiment: Director Nigel Morris sold 31,000 shares for approximately $805,490. The transactions reduced his holdings by about 1.65%, though he still owns more than 1.85 million shares. Continued insider selling could temper bullish sentiment. SEC insider transaction filing

Analysts Set New Price Targets

Several research analysts have weighed in on RELY shares. 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 report on Thursday, August 6th. Citizens Jmp boosted their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Weiss Ratings raised shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $27.67.

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.