Whetstone Capital Advisors LLC Grows Position in Remitly Global, Inc. $RELY

Whetstone Capital Advisors LLC increased its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 16,740.0% during the first quarter, Holdings Channel reports. The institutional investor owned 311,372 shares of the financial services provider’s stock after buying an additional 309,523 shares during the quarter. Remitly Global comprises about 2.9% of Whetstone Capital Advisors LLC’s portfolio, making the stock its 12th largest holding. Whetstone Capital Advisors LLC’s holdings in Remitly Global were worth $6,477,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in RELY. Nuveen LLC purchased a new stake in shares of Remitly Global during the first quarter worth approximately $32,703,000. Price T Rowe Associates Inc. MD increased its stake in Remitly Global by 1,032.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider’s stock valued at $31,614,000 after purchasing an additional 1,276,991 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its stake in Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock valued at $107,751,000 after purchasing an additional 1,220,806 shares during the last quarter. Marathon Partners Equity Management LLC purchased a new position in Remitly Global in the fourth quarter valued at approximately $20,877,000. Finally, Lord Abbett & CO. LLC increased its stake in Remitly Global by 103.8% in the first quarter. Lord Abbett & CO. LLC now owns 1,743,496 shares of the financial services provider’s stock valued at $36,265,000 after purchasing an additional 887,859 shares during the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Trading Down 0.1%

Shares of RELY opened at $18.83 on Thursday. The firm has a market cap of $3.88 billion, a PE ratio of 313.89 and a beta of 0.12. The company’s 50 day simple moving average is $18.39 and its 200-day simple moving average is $20.65. Remitly Global, Inc. has a 12-month low of $12.43 and a 12-month high of $27.32.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The business had revenue of $411.85 million for the quarter, compared to analysts’ expectations of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The business’s revenue was up 34.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.06) earnings per share. As a group, equities research analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In related news, insider Pankaj Sharma sold 5,000 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $19.71, for a total transaction of $98,550.00. Following the completion of the sale, the insider directly owned 186,926 shares of the company’s stock, valued at $3,684,311.46. This trade represents a 2.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total value of $251,994.24. Following the sale, the chief executive officer directly owned 4,212,849 shares of the company’s stock, valued at approximately $72,798,030.72. This represents a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 128,250 shares of company stock valued at $2,623,250. 7.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on RELY. The Goldman Sachs Group increased their price target on shares of Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Monness Crespi & Hardt increased their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. KeyCorp reiterated an “overweight” rating and issued a $28.00 price target (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Barclays increased their price target on shares of Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, May 12th. Finally, Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a research note on Sunday. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has a consensus 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.