Villere ST Denis J & Co. LLC Takes Position in Remitly Global, Inc. $RELY

Villere ST Denis J & Co. LLC bought a new position in Remitly Global, Inc. (NASDAQ:RELY) during the first quarter, Holdings Channel reports. The firm bought 25,000 shares of the financial services provider’s stock, valued at approximately $392,000.

Several other large investors have also added to or reduced their stakes in the business. Torren Management LLC acquired a new position in Remitly Global during the 4th quarter valued at about $25,000. Summit Securities Group LLC purchased a new stake in shares of Remitly Global in the first quarter worth approximately $26,000. Cullen Frost Bankers Inc. bought a new position in shares of Remitly Global in the fourth quarter valued at approximately $28,000. GAMMA Investing LLC lifted its holdings 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 purchasing an additional 1,628 shares in the last quarter. Finally, HighMark Wealth Management LLC purchased a new position in shares of Remitly Global during the fourth quarter valued at approximately $35,000. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Performance

NASDAQ:RELY traded up $0.21 during trading on Friday, reaching $23.77. The company’s stock had a trading volume of 1,819,366 shares, compared to its average volume of 3,930,055. The firm has a 50 day moving average of $21.58 and a 200-day moving average of $17.68. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of 48.51 and a beta of 0.34. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $24.92.

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

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Zacks Research downgraded Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Monness Crespi & Hardt raised their price objective on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Citigroup reaffirmed a “market outperform” rating on shares of Remitly Global in a report on Thursday, June 4th. Weiss Ratings upgraded shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Finally, The Goldman Sachs Group raised their price target on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.00.

Insider Activity at Remitly Global

In related news, insider Ankur Sinha sold 7,596 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total value of $160,047.72. Following the transaction, the insider owned 1,222,718 shares in the company, valued at approximately $25,762,668.26. This represents a 0.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Bora Chung sold 12,000 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total value of $257,040.00. Following the transaction, the director directly owned 125,317 shares of the company’s stock, valued at approximately $2,684,290.14. This trade represents a 8.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 249,188 shares of company stock worth $5,303,878 over the last 90 days. Corporate insiders own 6.53% of the company’s stock.

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.