Capital International Investors Takes $24.33 Million Position in Remitly Global, Inc. $RELY

Capital International Investors bought a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 1,762,894 shares of the financial services provider’s stock, valued at approximately $24,328,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Torren Management LLC acquired a new stake in shares of Remitly Global in the fourth quarter valued at $25,000. Essex Investment Management Co. LLC acquired a new stake in shares of Remitly Global in the third quarter valued at $33,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Remitly Global in the fourth quarter valued at $28,000. GAMMA Investing LLC increased its stake 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 buying an additional 1,628 shares in the last quarter. Finally, HighMark Wealth Management LLC acquired a new stake in shares of Remitly Global in the fourth quarter valued at $35,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Remitly Global

In other Remitly Global news, insider Ltd Naspers sold 12,000,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $15.98, for a total value of $191,760,000.00. Following the completion of the transaction, the insider owned 13,441,745 shares of the company’s stock, valued at $214,799,085.10. This represents a 47.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Phillip John Riese sold 40,000 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $20.04, for a total value of $801,600.00. Following the completion of the sale, the director owned 122,496 shares in the company, valued at $2,454,819.84. This trade represents a 24.62% 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 have sold 12,219,285 shares of company stock worth $196,349,752 in the last three months. Insiders own 6.53% of the company’s stock.

Analyst Upgrades and Downgrades

RELY has been the subject of a number of research reports. The Goldman Sachs Group restated a “buy” rating and issued a $27.00 target price on shares of Remitly Global in a research note on Thursday, May 7th. KeyCorp raised their price target on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Tuesday, April 21st. Wall Street Zen cut Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. Weiss Ratings upgraded Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. Finally, Oppenheimer set a $20.00 price target on Remitly Global in a report on Thursday, February 19th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.63.

Remitly Global Stock Performance

NASDAQ:RELY opened at $18.36 on Wednesday. The stock has a fifty day moving average price of $20.07 and a 200-day moving average price of $16.41. The company has a market cap of $3.87 billion, a price-to-earnings ratio of 37.47 and a beta of 0.37. 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 released its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. The firm had revenue of $452.80 million during 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 period in the prior year, the company posted $0.05 EPS. Research analysts predict that Remitly Global, Inc. will post 0.62 EPS for the current fiscal year.

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.