OP Asset Management Ltd Makes New $412,000 Investment in Remitly Global, Inc. $RELY

OP Asset Management Ltd acquired a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 26,269 shares of the financial services provider’s stock, valued at approximately $412,000.

A number of other large investors have also recently made changes to their positions in RELY. Baillie Gifford & Co. increased its position in shares of Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after acquiring an additional 3,790,210 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after purchasing an additional 2,567,446 shares during the last quarter. Marshall Wace LLP grew its stake in Remitly Global by 74.4% during the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after purchasing an additional 1,962,076 shares during the last quarter. Azora Capital LP acquired a new position in shares of Remitly Global in the third quarter valued at about $31,213,000. Finally, Capital International Investors acquired a new position in shares of Remitly Global in the fourth quarter valued at about $24,328,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Stock Performance

NASDAQ RELY opened at $22.41 on Wednesday. The firm has a market capitalization of $4.72 billion, a P/E ratio of 45.73 and a beta of 0.37. The stock has a 50-day simple moving average of $21.17 and a two-hundred day simple moving average of $17.19. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.92.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping analysts’ consensus estimates 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 company’s revenue was up 25.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.05 earnings per share. As a group, analysts forecast that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Pankaj Sharma sold 16,000 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total transaction of $320,160.00. Following the sale, the insider directly owned 767,810 shares of the company’s stock, valued at approximately $15,363,878.10. This represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bora Chung sold 12,000 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total transaction of $257,040.00. Following the sale, the director owned 125,317 shares in the company, valued at approximately $2,684,290.14. This represents a 8.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 250,618 shares of company stock worth $5,326,743. Corporate insiders own 6.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Weiss Ratings raised Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. Cantor Fitzgerald increased their price target on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. The Goldman Sachs Group restated a “buy” rating and set a $27.00 price objective on shares of Remitly Global in a research note on Thursday, May 7th. Finally, Monness Crespi & Hardt lifted their price objective on shares of Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and an average target price of $24.62.

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.