Lead Edge Capital Management LLC Sells 288,458 Shares of Remitly Global, Inc. $RELY

Lead Edge Capital Management LLC reduced its stake in Remitly Global, Inc. (NASDAQ:RELY) by 7.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,771,955 shares of the financial services provider’s stock after selling 288,458 shares during the period. Remitly Global makes up approximately 14.5% of Lead Edge Capital Management LLC’s holdings, making the stock its 2nd largest holding. Lead Edge Capital Management LLC owned approximately 1.79% of Remitly Global worth $59,107,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Torren Management LLC bought a new position in shares of Remitly Global during the 4th quarter worth approximately $25,000. Summit Securities Group LLC bought a new stake in Remitly Global in the first quarter valued at $26,000. Cullen Frost Bankers Inc. bought a new stake in Remitly Global in the fourth quarter valued at $28,000. GAMMA Investing LLC raised its stake in Remitly Global by 280.2% during the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,628 shares in the last quarter. Finally, HighMark Wealth Management LLC acquired a new position in Remitly Global during the fourth quarter worth $35,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Stock Performance

Shares of RELY opened at $22.53 on Friday. The company has a market cap of $4.74 billion, a price-to-earnings ratio of 45.98 and a beta of 0.34. The stock has a fifty day moving average price of $21.65 and a two-hundred day moving average price of $18.36. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $25.75.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 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 company had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $438.94 million. During the same quarter in the prior year, the business earned $0.05 earnings per share. The business’s revenue for the quarter was up 25.2% on a year-over-year basis. As a group, research analysts predict that Remitly Global, Inc. will post 0.62 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on RELY shares. Citigroup restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, July 16th. Wall Street Zen cut shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Cantor Fitzgerald lifted their price target on shares of Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Monness Crespi & Hardt boosted their price target on shares of Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $25.50.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, Director Bora Chung sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total value of $257,040.00. Following the completion of the sale, the director owned 125,317 shares in the company, valued at approximately $2,684,290.14. This trade represents a 8.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Pankaj Sharma sold 16,000 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $20.01, for a total transaction of $320,160.00. Following the completion of the transaction, the insider directly owned 767,810 shares of the company’s stock, valued at approximately $15,363,878.10. This represents a 2.04% decrease in their ownership of the stock. 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. Insiders have sold 187,188 shares of company stock worth $4,087,718 over the last quarter. Corporate insiders own 6.53% of the company’s stock.

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.