Fox Run Management L.L.C. Has $689,000 Holdings in Remitly Global, Inc. $RELY

Fox Run Management L.L.C. decreased its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 52.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,251 shares of the financial services provider’s stock after selling 47,166 shares during the quarter. Fox Run Management L.L.C.’s holdings in Remitly Global were worth $689,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of RELY. Bank of Montreal Can boosted its stake in Remitly Global by 28.5% in the second quarter. Bank of Montreal Can now owns 327,956 shares of the financial services provider’s stock valued at $6,156,000 after buying an additional 72,689 shares in the last quarter. Norges Bank bought a new position in shares of Remitly Global in the second quarter worth about $36,619,000. Geode Capital Management LLC boosted its stake in shares of Remitly Global by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock valued at $70,347,000 after purchasing an additional 129,706 shares in the last quarter. LB Partners LLC boosted its stake in shares of Remitly Global by 60.4% in the 3rd quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider’s stock valued at $16,554,000 after purchasing an additional 382,314 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Remitly Global during the 2nd quarter valued at approximately $425,000. 74.25% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Ryno Blignaut sold 4,500 shares of the company’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 value of $58,005.00. Following the sale, the director directly owned 32,576 shares in the company, valued at $419,904.64. This represents a 12.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joshua Hug sold 40,776 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $13.33, for a total transaction of $543,544.08. Following the transaction, the director owned 3,654,764 shares of the company’s stock, valued at approximately $48,718,004.12. The trade was a 1.10% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 53,276 shares of company stock valued at $722,999. Company insiders own 7.50% of the company’s stock.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $16.70 on Friday. The firm has a market cap of $3.52 billion, a PE ratio of 53.87 and a beta of 0.11. The firm’s fifty day moving average is $14.02 and its 200-day moving average is $15.31. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.70.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.17. The business had revenue of $442.18 million during the quarter, compared to the consensus estimate of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.Remitly Global’s quarterly revenue was up 25.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) earnings per share. Sell-side analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on RELY shares. Oppenheimer set a $20.00 price objective on shares of Remitly Global in a research note on Thursday, February 19th. The Goldman Sachs Group upped 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. Cantor Fitzgerald raised their price objective on Remitly Global from $17.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, February 19th. Citizens Jmp boosted their price objective on Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 19th. Finally, Wall Street Zen upgraded Remitly Global from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price 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.