Counterpoint Mutual Funds LLC Purchases New Shares in Remitly Global, Inc. $RELY

Counterpoint Mutual Funds LLC acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 35,534 shares of the financial services provider’s stock, valued at approximately $557,000.

Other institutional investors have also added to or reduced their stakes in the company. California State Teachers Retirement System lifted its position in shares of Remitly Global by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after purchasing an additional 679 shares during the period. Main Management ETF Advisors LLC increased its position in shares of Remitly Global by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock valued at $1,329,000 after buying an additional 984 shares during the period. Xponance Inc. increased its position in shares of Remitly Global by 8.7% during the third quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock valued at $217,000 after buying an additional 1,060 shares during the period. New York State Teachers Retirement System raised its stake in Remitly Global by 8.4% in the fourth quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock worth $210,000 after buying an additional 1,184 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co raised its stake in Remitly Global by 8.9% in the third quarter. Elo Mutual Pension Insurance Co now owns 14,518 shares of the financial services provider’s stock worth $237,000 after buying an additional 1,192 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. Monness Crespi & Hardt raised their price objective on shares of Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. The Goldman Sachs Group reiterated a “buy” rating and set a $27.00 target price on shares of Remitly Global in a report on Thursday, May 7th. Zacks Research lowered Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Weiss Ratings upgraded Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Finally, Citigroup restated a “market outperform” rating on shares of Remitly Global in a research report on Thursday, June 4th. One research 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 stock. According to MarketBeat.com, Remitly Global currently has an average rating of “Moderate Buy” and a consensus price target of $24.62.

Insider Activity at Remitly Global

In other Remitly Global news, Director Bora Chung sold 12,000 shares of the business’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total value of $257,040.00. Following the sale, the director directly owned 125,317 shares of the company’s stock, valued at approximately $2,684,290.14. The trade was a 8.74% 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. 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 completion of the sale, the director directly owned 122,496 shares in the company, valued at approximately $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. Insiders have sold 250,618 shares of company stock worth $5,326,743 over the last quarter. 6.53% of the stock is currently owned by company insiders.

Remitly Global Stock Performance

Shares of RELY opened at $23.75 on Friday. The stock has a market cap of $5.00 billion, a PE ratio of 48.47 and a beta of 0.34. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.92. The firm’s 50-day simple moving average is $21.33 and its two-hundred day simple moving average is $17.36.

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

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.