Future Fund LLC Buys 30,426 Shares of Remitly Global, Inc. $RELY

Future Fund LLC increased its stake in Remitly Global, Inc. (NASDAQ:RELY) by 57.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 83,702 shares of the financial services provider’s stock after purchasing an additional 30,426 shares during the quarter. Future Fund LLC’s holdings in Remitly Global were worth $1,155,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of RELY. 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. Arrowstreet Capital Limited Partnership raised its holdings in Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after purchasing an additional 2,567,446 shares during the period. Marshall Wace LLP raised its holdings in Remitly Global by 74.4% in the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock worth $74,966,000 after purchasing an additional 1,962,076 shares during the period. Azora Capital LP bought a new position in Remitly Global in the 3rd quarter worth $31,213,000. Finally, ArrowMark Colorado Holdings LLC raised its holdings in Remitly Global by 46.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock worth $90,159,000 after purchasing an additional 1,748,576 shares during the period. 74.25% of the stock is owned by institutional investors.

Insider Activity at Remitly Global

In related news, Director Joshua Hug sold 34,383 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $24.89, for a total transaction of $855,792.87. Following the completion of the transaction, the director directly owned 3,482,320 shares of the company’s stock, valued at approximately $86,674,944.80. This represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pankaj Sharma sold 16,000 shares of the 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 transaction, the insider directly owned 767,810 shares of the company’s stock, valued at approximately $15,363,878.10. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 12,249,475 shares of company stock valued at $196,767,958 in the last 90 days. 6.53% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on RELY shares. Cantor Fitzgerald raised their price target on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, May 7th. Monness Crespi & Hardt raised their price target on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Weiss Ratings reissued a “hold (c-)” rating on shares of Remitly Global in a report on Wednesday, May 20th. Finally, Bank of America started coverage on Remitly Global in a report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.63.

Remitly Global Stock Up 0.1%

NASDAQ:RELY opened at $20.02 on Friday. The stock has a market cap of $4.22 billion, a PE ratio of 40.86 and a beta of 0.40. The business’s 50-day simple moving average is $19.55 and its two-hundred day simple moving average is $16.05. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.92.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $438.94 million. During the same period in the previous year, the firm posted $0.05 earnings per share. The business’s revenue was up 25.2% compared to the same quarter last year. Sell-side analysts anticipate that Remitly Global, Inc. will post 0.67 earnings per share for the current fiscal year.

Remitly Global 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.