GAMMA Investing LLC Increases Stock Holdings in Remitly Global, Inc. (NASDAQ:RELY)

GAMMA Investing LLC grew its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 2,744.4% during the first quarter, Holdings Channel reports. The firm owned 17,493 shares of the financial services provider’s stock after purchasing an additional 16,878 shares during the period. GAMMA Investing LLC’s holdings in Remitly Global were worth $364,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RELY. Comerica Bank increased its position in shares of Remitly Global by 2.1% during the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider’s stock worth $577,000 after purchasing an additional 534 shares in the last quarter. Sei Investments Co. grew its stake in Remitly Global by 4.8% during the 4th quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock worth $313,000 after buying an additional 636 shares during the last quarter. Summit Investment Advisors Inc. increased its position in Remitly Global by 4.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 15,617 shares of the financial services provider’s stock worth $352,000 after buying an additional 717 shares during the period. Arizona State Retirement System increased its position in Remitly Global by 2.1% during the fourth quarter. Arizona State Retirement System now owns 42,453 shares of the financial services provider’s stock worth $958,000 after buying an additional 886 shares during the period. Finally, Global Retirement Partners LLC purchased a new stake in Remitly Global in the fourth quarter valued at approximately $28,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

RELY has been the topic of a number of research reports. Barclays raised their target price on shares of Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, May 12th. Monness Crespi & Hardt increased their price target on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. KeyCorp raised their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. JMP Securities reaffirmed a “market outperform” rating and issued a $32.00 target price on shares of Remitly Global in a report on Thursday, April 10th. Finally, The Goldman Sachs Group increased their target price on shares of Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.88.

Remitly Global Price Performance

NASDAQ:RELY opened at $20.13 on Friday. The firm’s fifty day moving average price is $21.13 and its 200 day moving average price is $21.95. Remitly Global, Inc. has a 1-year low of $11.63 and a 1-year high of $27.32. The firm has a market cap of $4.10 billion, a price-to-earnings ratio of -671.00 and a beta of 0.18.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.09. The company had revenue of $361.62 million during the quarter, compared to analysts’ expectations of $347.81 million. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. The business’s revenue was up 34.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.11) EPS. As a group, analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of Remitly Global stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total value of $101,700.00. Following the sale, the director now owns 102,257 shares of the company’s stock, valued at approximately $2,079,907.38. The trade was a 4.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joshua Hug sold 10,000 shares of the stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $19.71, for a total value of $197,100.00. Following the transaction, the insider now directly owns 3,823,811 shares of the company’s stock, valued at approximately $75,367,314.81. This trade represents a 0.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,084,968 shares of company stock valued at $276,321,392 over the last ninety days. Corporate insiders own 7.50% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.