JPMorgan Chase & Co. Purchases 104,716 Shares of Remitly Global, Inc. $RELY

JPMorgan Chase & Co. grew its position in Remitly Global, Inc. (NASDAQ:RELY) by 5.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,138,754 shares of the financial services provider’s stock after buying an additional 104,716 shares during the period. JPMorgan Chase & Co.’s holdings in Remitly Global were worth $34,862,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in RELY. Essex Investment Management Co. LLC acquired a new position in shares of Remitly Global during the third quarter valued at $33,000. First Horizon Corp acquired a new stake in Remitly Global in the third quarter worth about $36,000. Quarry LP acquired a new stake in Remitly Global in the third quarter worth about $42,000. Exchange Traded Concepts LLC raised its holdings in Remitly Global by 29.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 714 shares during the last quarter. Finally, AlphaQuest LLC lifted its position in Remitly Global by 34.4% during the 3rd 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 during the period. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Performance

RELY stock opened at $15.35 on Monday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.70. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. The firm has a market cap of $3.23 billion, a PE ratio of 49.52, a P/E/G ratio of 0.54 and a beta of 0.06. The business’s 50-day moving average price is $14.76 and its two-hundred day moving average price is $14.97.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.17. The company had revenue of $442.18 million during the quarter, compared to the consensus estimate of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The company’s revenue for the quarter was up 25.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.03) earnings per share. As a group, research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In other news, Director Joshua Hug sold 29,049 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $17.98, for a total value of $522,301.02. Following the completion of the transaction, the director owned 3,575,733 shares in the company, valued at $64,291,679.34. This represents a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Pankaj Sharma sold 3,000 shares of the firm’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $16.35, for a total transaction of $49,050.00. Following the sale, the insider owned 215,830 shares in the company, valued at approximately $3,528,820.50. The trade was a 1.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 12,073,290 shares of company stock worth $193,019,269 in the last quarter. Company insiders own 8.10% of the company’s stock.

Analyst Ratings Changes

RELY has been the topic of several recent research reports. The Goldman Sachs Group raised their target price on shares of Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. Bank of America started coverage on shares of Remitly Global in a report on Tuesday, February 10th. They issued a “buy” rating and a $18.00 price objective on the stock. Oppenheimer set a $20.00 price objective on shares of Remitly Global in a research note on Thursday, February 19th. Cantor Fitzgerald lifted their target price on shares of Remitly Global from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, February 19th. Finally, Wall Street Zen raised Remitly Global from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Remitly Global currently has a consensus rating of “Buy” and an average price target of $22.78.

Remitly Global 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.