Creek Drive Management Group LLC Buys New Shares in Remitly Global, Inc. $RELY

Creek Drive Management Group LLC purchased a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 147,500 shares of the financial services provider’s stock, valued at approximately $2,036,000. Remitly Global accounts for about 1.4% of Creek Drive Management Group LLC’s investment portfolio, making the stock its 23rd largest position. Creek Drive Management Group LLC owned approximately 0.07% of Remitly Global as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Baillie Gifford & Co. grew its position in Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after buying an additional 3,790,210 shares in the last quarter. Marshall Wace LLP raised its holdings in Remitly Global by 30.4% in the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock valued at $82,741,000 after acquiring an additional 1,396,568 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after acquiring an additional 2,567,446 shares during the period. ArrowMark Colorado Holdings LLC lifted its position in shares of Remitly Global by 46.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock worth $90,159,000 after acquiring an additional 1,748,576 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Remitly Global by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock worth $57,278,000 after purchasing an additional 67,700 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

RELY has been the subject of a number of recent research reports. Wall Street Zen lowered Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. KeyCorp increased their price objective on shares of Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Cantor Fitzgerald lifted their target price on shares of Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. Finally, Citizens Jmp increased their price target on shares of Remitly Global from $22.00 to $26.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.62.

Insider Activity at Remitly Global

In related news, CFO Vikas D. Mehta sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $526,750.00. Following the completion of the transaction, the chief financial officer owned 988,004 shares in the company, valued at $20,817,244.28. The trade was a 2.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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, Director Phillip John Riese sold 40,000 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $20.04, for a total value of $801,600.00. Following the transaction, the director directly owned 122,496 shares in the company, valued at approximately $2,454,819.84. This represents a 24.62% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 243,818 shares of company stock valued at $5,093,447 in the last three months. 6.53% of the stock is currently owned by corporate insiders.

Remitly Global Stock Performance

Shares of NASDAQ:RELY opened at $21.10 on Friday. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $24.92. The firm has a market cap of $4.44 billion, a PE ratio of 43.06 and a beta of 0.37. The business has a fifty day moving average of $20.68 and a 200-day moving average of $16.78.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.11. The business had revenue of $452.80 million for 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 EPS. On average, analysts anticipate 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.