Remitly Global, Inc. $RELY Holdings Boosted by LB Partners LLC

LB Partners LLC increased its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 22.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,529,195 shares of the financial services provider’s stock after buying an additional 280,307 shares during the quarter. Remitly Global accounts for about 21.5% of LB Partners LLC’s investment portfolio, making the stock its largest position. LB Partners LLC’s holdings in Remitly Global were worth $23,962,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Pekin Hardy Strauss Inc. boosted its stake in shares of Remitly Global by 581.8% during the 4th quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock worth $1,693,000 after acquiring an additional 104,716 shares during the last quarter. Capelight Capital Asset Management LP purchased a new stake in shares of Remitly Global in the 4th quarter worth $1,380,000. GSA Capital Partners LLP increased its stake in shares of Remitly Global by 1,484.2% in the 4th quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock worth $4,982,000 after purchasing an additional 338,244 shares in the last quarter. Baillie Gifford & Co. raised its holdings in Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock worth $160,888,000 after purchasing an additional 3,790,210 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in Remitly Global by 44.3% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock worth $13,166,000 after purchasing an additional 292,991 shares during the period. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Stock Performance

RELY opened at $22.95 on Thursday. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.92. The firm’s fifty day moving average is $21.21 and its 200 day moving average is $17.25. The stock has a market cap of $4.83 billion, a price-to-earnings ratio of 46.84 and a beta of 0.34.

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 analysts’ consensus estimates of $0.12 by $0.11. The business had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.Remitly Global’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.05 EPS. On average, equities research analysts predict that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Insider Transactions at Remitly Global

In other news, Director Joshua Hug sold 34,383 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $24.89, for a total value of $855,792.87. Following the completion of the transaction, the director owned 3,482,320 shares of the company’s stock, valued at $86,674,944.80. This represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pankaj Sharma sold 16,000 shares of Remitly Global stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total value of $320,160.00. Following the sale, the insider directly owned 767,810 shares in the company, valued at $15,363,878.10. This trade represents a 2.04% 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. Over the last 90 days, insiders have sold 250,618 shares of company stock valued at $5,326,743. 6.53% of the stock is owned by corporate insiders.

Analyst Ratings Changes

RELY has been the topic of several analyst reports. The Goldman Sachs Group reiterated a “buy” rating and set a $27.00 target price on shares of Remitly Global in a research report on Thursday, May 7th. Weiss Ratings raised Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Citigroup reaffirmed a “market outperform” rating on shares of Remitly Global in a research note on Thursday, June 4th. Wall Street Zen downgraded Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. Finally, Monness Crespi & Hardt increased their target price on shares of Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $24.62.

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.