Remitly Global, Inc. $RELY Shares Acquired by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D increased its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 37.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,235 shares of the financial services provider’s stock after buying an additional 31,118 shares during the period. State of New Jersey Common Pension Fund D owned about 0.06% of Remitly Global worth $1,862,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Remitly Global by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after purchasing an additional 3,870 shares during the period. Millennium Management LLC raised its position in shares of Remitly Global by 57.1% during the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after purchasing an additional 124,798 shares during the last quarter. Caxton Associates LLP purchased a new position in Remitly Global in the 1st quarter valued at about $218,000. Focus Partners Wealth acquired a new stake in Remitly Global in the 1st quarter worth about $1,458,000. Finally, Envestnet Asset Management Inc. increased its stake in Remitly Global by 8.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 64,490 shares of the financial services provider’s stock worth $1,210,000 after buying an additional 4,900 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Insiders Place Their Bets

In other news, Director Joshua Hug sold 40,776 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $13.33, for a total value of $543,544.08. Following the transaction, the director owned 3,654,764 shares of the company’s stock, valued at $48,718,004.12. This represents a 1.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ryno Blignaut sold 4,500 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $12.89, for a total transaction of $58,005.00. Following the completion of the transaction, the director directly owned 32,576 shares in the company, valued at $419,904.64. The trade was a 12.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 53,276 shares of company stock valued at $722,999 over the last quarter. 7.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th. Weiss Ratings raised shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Bank of America started coverage on shares of Remitly Global in a report on Tuesday, February 10th. They set a “buy” rating and a $18.00 target price for the company. Finally, Citizens Jmp raised their price target on shares of Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Remitly Global currently has an average rating of “Buy” and a consensus target price of $22.78.

Remitly Global Trading Up 3.6%

Shares of RELY opened at $16.84 on Friday. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $24.70. The firm has a market capitalization of $3.55 billion, a P/E ratio of 54.32 and a beta of 0.11. The firm has a 50-day moving average price of $13.98 and a 200 day moving average price of $15.32. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18.

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