LGT Fund Management Co Ltd. Acquires New Shares in Remitly Global, Inc. (NASDAQ:RELY)

LGT Fund Management Co Ltd. acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 144,000 shares of the financial services provider’s stock, valued at approximately $2,995,000.

Several other large investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. raised its position in Remitly Global by 21.8% in the first quarter. Russell Investments Group Ltd. now owns 151,705 shares of the financial services provider’s stock valued at $3,155,000 after purchasing an additional 27,105 shares during the last quarter. Nuveen LLC acquired a new stake in Remitly Global during the first quarter worth approximately $32,703,000. Invesco Ltd. grew its stake in Remitly Global by 5.1% during the first quarter. Invesco Ltd. now owns 117,285 shares of the financial services provider’s stock worth $2,440,000 after purchasing an additional 5,673 shares during the period. Townsquare Capital LLC grew its stake in Remitly Global by 2.5% during the first quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider’s stock worth $393,000 after purchasing an additional 459 shares during the period. Finally, Deutsche Bank AG grew its stake in Remitly Global by 20.4% during the first quarter. Deutsche Bank AG now owns 2,371,335 shares of the financial services provider’s stock worth $49,324,000 after purchasing an additional 402,417 shares during the period. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Price Performance

Shares of RELY opened at $19.00 on Tuesday. The firm has a market cap of $3.92 billion, a PE ratio of 316.72 and a beta of 0.12. The stock’s fifty day moving average price is $18.56 and its two-hundred day moving average price is $20.81. Remitly Global, Inc. has a 1 year low of $12.43 and a 1 year high of $27.32.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.14). The firm had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The business’s quarterly revenue was up 34.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.06) earnings per share. Sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Joshua Hug sold 60,777 shares of the business’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $21.22, for a total transaction of $1,289,687.94. Following the completion of the transaction, the director directly owned 3,733,811 shares in the company, valued at $79,231,469.42. The trade was a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Ltd Naspers sold 11,900,000 shares of the business’s stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $22.89, for a total value of $272,391,000.00. Following the transaction, the insider owned 25,441,745 shares of the company’s stock, valued at approximately $582,361,543.05. The trade was a 31.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,041,833 shares of company stock valued at $275,390,023 in the last 90 days. Corporate insiders own 8.10% of the company’s stock.

Wall Street Analysts Forecast Growth

RELY has been the subject of several recent analyst reports. The Goldman Sachs Group raised their target price on Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. Wall Street Zen cut Remitly Global from a “buy” rating to a “hold” rating in a research note on Saturday. KeyCorp reissued an “overweight” rating and issued a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a research note on Thursday. Monness Crespi & Hardt raised their price objective on Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Finally, Barclays lifted their target price on Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, May 12th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $29.00.

Remitly Global Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.