The Manufacturers Life Insurance Company Purchases Shares of 95,291 Remitly Global, Inc. $RELY

The Manufacturers Life Insurance Company purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 95,291 shares of the financial services provider’s stock, valued at approximately $2,135,000.

Other large investors also recently modified their holdings of the company. Algert Global LLC acquired a new position in shares of Remitly Global in the 2nd quarter valued at about $1,736,000. Sanctuary Advisors LLC acquired a new stake in Remitly Global during the 2nd quarter worth approximately $231,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Remitly Global in the second quarter valued at approximately $22,007,000. Compass Financial Management LLC purchased a new position in Remitly Global in the second quarter valued at approximately $82,000. Finally, Ieq Capital LLC acquired a new position in Remitly Global during the second quarter valued at approximately $4,799,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RELY shares. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Cantor Fitzgerald lifted their target price on shares of Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, August 10th. The Goldman Sachs Group upped their price target on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Wolfe Research increased their price target on Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, August 25th. Finally, KeyCorp raised their price objective on Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $27.78.

Insiders Place Their Bets

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total value of $653,750.00. Following the transaction, the chief financial officer owned 943,735 shares in the company, valued at $24,678,670.25. The trade was a 2.58% decrease in their position. The sale 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Pankaj Sharma sold 21,000 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $26.39, for a total transaction of $554,190.00. Following the completion of the transaction, the insider directly owned 716,022 shares of the company’s stock, valued at approximately $18,895,820.58. The trade was a 2.85% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 502,771 shares of company stock valued at $12,328,147. Corporate insiders own 6.53% of the company’s stock.

Remitly Global Stock Up 4.3%

NASDAQ RELY opened at $26.82 on Thursday. The stock has a market cap of $5.68 billion, a PE ratio of 19.30 and a beta of 0.36. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.15. The business has a 50 day moving average price of $24.33 and a two-hundred day moving average price of $20.67.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $486.25 million. During the same quarter last year, the firm posted $0.03 earnings per share. The business’s quarterly revenue was up 20.2% on a year-over-year basis. Sell-side analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current fiscal 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.