Divisadero Street Capital Management LP Sells 6,858,543 Shares of Remitly Global, Inc. $RELY

Divisadero Street Capital Management LP reduced its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 99.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,463 shares of the financial services provider’s stock after selling 6,858,543 shares during the quarter. Divisadero Street Capital Management LP’s holdings in Remitly Global were worth $1,002,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Essex Investment Management Co. LLC purchased a new stake in shares of Remitly Global during the third quarter worth $33,000. First Horizon Corp purchased a new position in shares of Remitly Global in the third quarter valued at $36,000. Exchange Traded Concepts LLC grew its position in shares of Remitly Global by 29.9% in the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 714 shares in the last quarter. AlphaQuest LLC raised its stake in shares of Remitly Global by 34.4% during the 3rd quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock valued at $71,000 after purchasing an additional 1,115 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Remitly Global during the 2nd quarter valued at $89,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Remitly Global

In other Remitly Global news, insider Ltd Naspers sold 12,000,000 shares of Remitly Global stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $15.98, for a total transaction of $191,760,000.00. Following the completion of the sale, the insider directly owned 13,441,745 shares in the company, valued at $214,799,085.10. The trade was a 47.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ryno Blignaut sold 4,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $12.89, for a total transaction of $58,005.00. Following the completion of the transaction, the director directly owned 32,576 shares of the company’s stock, valued at approximately $419,904.64. This represents a 12.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,073,290 shares of company stock valued at $193,019,269 in the last ninety days. Insiders own 8.10% of the company’s stock.

Remitly Global Price Performance

NASDAQ:RELY opened at $15.25 on Monday. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.70. The stock has a fifty day moving average of $14.56 and a 200 day moving average of $15.09. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The firm has a market capitalization of $3.21 billion, a price-to-earnings ratio of 49.19 and a beta of 0.06.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The business had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. During the same period in the prior year, the company earned ($0.03) EPS. The company’s quarterly revenue was up 25.7% compared to the same quarter last year. On average, research analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Analysts Set New Price Targets

RELY has been the subject of several analyst reports. Bank of America assumed coverage on Remitly Global in a research note on Tuesday, February 10th. They issued a “buy” rating and a $18.00 target price for the company. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. The Goldman Sachs Group increased their price target on shares of Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, February 19th. Weiss Ratings upgraded shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. Finally, Citizens Jmp boosted their price objective on shares of Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research note on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $22.78.

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.