23,217 Shares in Remitly Global, Inc. $RELY Acquired by Bleakley Financial Group LLC

Bleakley Financial Group LLC bought a new stake in Remitly Global, Inc. (NASDAQ:RELY) during the 1st quarter, Holdings Channel.com reports. The firm bought 23,217 shares of the financial services provider’s stock, valued at approximately $364,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Remitly Global by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after purchasing an additional 3,870 shares during the period. Millennium Management LLC raised its stake in Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after buying an additional 124,798 shares during the last quarter. Caxton Associates LLP acquired a new position in Remitly Global in the first quarter valued at $218,000. Focus Partners Wealth bought a new stake in Remitly Global during the first quarter valued at $1,458,000. Finally, Cetera Investment Advisers grew its holdings in Remitly Global by 12.0% during the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 1,286 shares during the period. Institutional investors own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RELY. Wall Street Zen downgraded Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. Citizens Jmp increased their price target on Remitly Global from $26.00 to $30.00 and gave the stock a “market outperform” rating in a report on Thursday. Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Cantor Fitzgerald boosted their target price on shares of Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Finally, KeyCorp increased their target price on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $25.50.

Remitly Global Stock Down 4.4%

Shares of NASDAQ:RELY opened at $24.13 on Friday. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $25.75. The stock’s 50 day moving average is $21.69 and its 200-day moving average is $18.03. The firm has a market capitalization of $5.08 billion, a price-to-earnings ratio of 49.24 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $438.94 million. During the same period last year, the business earned $0.05 EPS. Remitly Global’s quarterly revenue was up 25.2% compared to the same quarter last year. Equities research analysts anticipate that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Bora Chung sold 12,000 shares of Remitly Global stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total transaction of $257,040.00. Following the completion of the transaction, the director directly owned 125,317 shares in the company, valued at $2,684,290.14. This trade represents a 8.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vikas D. Mehta sold 25,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $526,750.00. Following the sale, the chief financial officer directly owned 988,004 shares of the company’s stock, valued at approximately $20,817,244.28. The trade was a 2.47% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 187,188 shares of company stock valued at $4,087,718. 6.53% of the stock is currently owned by insiders.

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.