2,687,772 Shares in Remitly Global, Inc. $RELY Bought by Lead Edge Capital Management LLC

Lead Edge Capital Management LLC acquired a new position in Remitly Global, Inc. (NASDAQ:RELY) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,687,772 shares of the financial services provider’s stock, valued at approximately $60,232,971,000. Remitly Global makes up approximately 10.9% of Lead Edge Capital Management LLC’s investment portfolio, making the stock its 5th biggest holding. Lead Edge Capital Management LLC owned approximately 1.27% of Remitly Global at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Lakewood Capital Management LP bought a new stake in shares of Remitly Global during the 2nd quarter valued at $16,834,000. Legal & General Group Plc purchased a new stake in shares of Remitly Global in the 2nd quarter worth about $9,401,000. The Manufacturers Life Insurance Company bought a new position in shares of Remitly Global in the 2nd quarter worth about $2,135,000. Algert Global LLC bought a new position in shares of Remitly Global in the 2nd quarter worth about $1,736,000. Finally, Sanctuary Advisors LLC bought a new position in shares of Remitly Global in the 2nd quarter worth about $231,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $26.59 on Tuesday. The business has a fifty day moving average price of $23.56 and a 200-day moving average price of $20.02. The company has a market capitalization of $5.63 billion, a PE ratio of 19.13 and a beta of 0.34. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. During the same quarter in the previous year, the business posted $0.03 EPS. Remitly Global’s revenue was up 20.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Pankaj Sharma sold 16,000 shares of the stock in a transaction that occurred 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 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 filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joshua Hug sold 33,600 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $21.03, for a total transaction of $706,608.00. Following the sale, the director directly owned 3,424,244 shares of the company’s stock, valued at $72,011,851.32. This trade represents a 0.97% 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 sold a total of 490,096 shares of company stock valued at $11,711,588 over the last ninety days. 6.53% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on RELY shares. Weiss Ratings raised shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. The Goldman Sachs Group lifted their target price on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th. KeyCorp boosted their price target on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Finally, Wolfe Research restated an “outperform” rating and issued a $31.00 price target on shares of Remitly Global in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $27.67.

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.