D.A. Davidson & CO. Invests $950,000 in Remitly Global, Inc. $RELY

D.A. Davidson & CO. bought a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 60,613 shares of the financial services provider’s stock, valued at approximately $950,000.

Other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Remitly Global by 4.6% during 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 acquiring an additional 3,870 shares during the last quarter. Millennium Management LLC increased its holdings in Remitly Global by 57.1% during the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after purchasing an additional 124,798 shares in the last quarter. Caxton Associates LLP bought a new position in Remitly Global in the 1st quarter valued at $218,000. Focus Partners Wealth bought a new position in Remitly Global in the 1st quarter valued at $1,458,000. Finally, Cetera Investment Advisers boosted its stake in Remitly Global by 12.0% in the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 1,286 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

RELY stock opened at $22.87 on Friday. The company has a 50 day moving average price of $21.65 and a 200 day moving average price of $18.33. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $25.75. The stock has a market capitalization of $4.82 billion, a PE ratio of 46.67 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.11. The firm had revenue of $452.80 million for the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The business’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.05 EPS. As a group, equities analysts expect that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Insider Activity at Remitly Global

In other news, Director Joshua Hug sold 16,800 shares of the company’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $22.97, for a total transaction of $385,896.00. Following the transaction, the director owned 3,385,457 shares of the company’s stock, valued at $77,763,947.29. This represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pankaj Sharma sold 16,000 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total value of $320,160.00. Following the transaction, the insider directly owned 767,810 shares in the company, valued at $15,363,878.10. This trade represents a 2.04% 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. Insiders have sold a total of 187,188 shares of company stock valued at $4,087,718 over the last quarter. 6.53% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

RELY has been the topic of several research analyst reports. KeyCorp increased their target price on Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Weiss Ratings raised Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. Freedom Capital raised Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. Cantor Fitzgerald upped their price target on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Finally, Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Remitly Global presently has a consensus rating of “Moderate Buy” and an average price target of $25.50.

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.