Capital International Investors Takes Position in Remitly Global, Inc. $RELY

Capital International Investors acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,762,894 shares of the financial services provider’s stock, valued at approximately $24,328,000. Capital International Investors owned 0.84% of Remitly Global at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of RELY. Torren Management LLC bought a new stake in shares of Remitly Global in the fourth quarter valued at approximately $25,000. Cullen Frost Bankers Inc. bought a new stake in shares of Remitly Global in the fourth quarter valued at approximately $28,000. GAMMA Investing LLC boosted its position in shares of Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,628 shares during the period. Essex Investment Management Co. LLC bought a new stake in shares of Remitly Global in the third quarter valued at approximately $33,000. Finally, HighMark Wealth Management LLC bought a new stake in shares of Remitly Global in the fourth quarter valued at approximately $35,000. 74.25% of the stock is owned by institutional investors.

Remitly Global Trading Down 0.5%

Shares of NASDAQ RELY opened at $18.36 on Wednesday. The business has a fifty day simple moving average of $20.07 and a 200 day simple moving average of $16.41. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of 37.47 and a beta of 0.37.

Remitly Global (NASDAQ:RELY) last released 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. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. During the same period in the prior year, the company posted $0.05 earnings per share. The business’s revenue for the quarter was up 25.2% compared to the same quarter last year. On average, research analysts anticipate that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Insider Activity

In other Remitly Global news, insider Pankaj Sharma sold 16,000 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total transaction of $320,160.00. Following the completion of the transaction, the insider directly owned 767,810 shares in the company, valued at $15,363,878.10. This represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Phillip John Riese sold 40,000 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $20.04, for a total value of $801,600.00. Following the transaction, the director owned 122,496 shares of the company’s stock, valued at $2,454,819.84. This represents a 24.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 12,219,285 shares of company stock valued at $196,349,752. 6.53% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RELY shares. Cantor Fitzgerald upped their target price on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Monness Crespi & Hardt upped their target price on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Oppenheimer set a $20.00 target price on Remitly Global in a research note on Thursday, February 19th. Citigroup restated a “market outperform” rating on shares of Remitly Global in a research note on Thursday, June 4th. Finally, KeyCorp upped their target price on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.63.

About Remitly Global

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.