GSA Capital Partners LLP Takes $488,000 Position in Remitly Global, Inc. $RELY

GSA Capital Partners LLP bought a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 21,757 shares of the financial services provider’s stock, valued at approximately $488,000.

Several other large investors have also recently added to or reduced their stakes in RELY. Torren Management LLC purchased a new stake in Remitly Global in the 4th quarter valued at about $25,000. Summit Securities Group LLC purchased a new position in shares of Remitly Global during the 1st quarter worth about $26,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Remitly Global in the fourth quarter worth approximately $28,000. HighMark Wealth Management LLC acquired a new stake in shares of Remitly Global in the fourth quarter worth approximately $35,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Remitly Global by 140.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 1,545 shares during the period. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RELY has been the topic of several recent research reports. Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. The Goldman Sachs Group raised their price objective on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Cantor Fitzgerald upped their price target on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Monday, August 10th. Finally, Weiss Ratings upgraded shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $27.67.

Remitly Global Price Performance

Shares of RELY opened at $26.67 on Friday. The stock has a market capitalization of $5.65 billion, a PE ratio of 19.19 and a beta of 0.34. The business’s fifty day moving average price is $23.42 and its 200 day moving average price is $19.87. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.15.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. During the same quarter in the prior year, the business earned $0.03 earnings per share. Remitly Global’s quarterly revenue was up 20.2% on a year-over-year basis. As a group, research analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Insider Transactions at Remitly Global

In other news, Director Joshua Hug sold 33,600 shares of Remitly Global stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $21.03, for a total transaction of $706,608.00. Following the sale, the director owned 3,424,244 shares of the company’s stock, valued at approximately $72,011,851.32. The trade was a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Phillip John Riese sold 160,182 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $24.94, for a total value of $3,994,939.08. Following the transaction, the director owned 361,094 shares of the company’s stock, valued at approximately $9,005,684.36. This represents a 30.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 522,692 shares of company stock worth $12,398,386 in the last quarter. 6.53% of the stock is currently owned by corporate insiders.

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.