Odyssean LLC Takes $1.83 Million Position in Remitly Global, Inc. $RELY

Odyssean LLC purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 81,494 shares of the financial services provider’s stock, valued at approximately $1,826,000.

Other institutional investors have also recently bought and sold shares of the company. Torren Management LLC acquired a new stake in shares of Remitly Global in the fourth quarter valued at approximately $25,000. Summit Securities Group LLC acquired a new position in shares of Remitly Global during the 1st quarter worth approximately $26,000. Cullen Frost Bankers Inc. bought a new stake in Remitly Global in the 4th quarter valued at $28,000. HighMark Wealth Management LLC bought a new stake in Remitly Global in the 4th quarter valued at $35,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Remitly Global by 140.8% during the 4th 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 last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on RELY shares. Cantor Fitzgerald raised their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. KeyCorp lifted their price target on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. The Goldman Sachs Group boosted their price target on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Finally, Weiss Ratings raised Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $27.78.

Remitly Global Stock Down 1.4%

NASDAQ RELY opened at $26.22 on Wednesday. The firm has a 50-day moving average price of $23.68 and a two-hundred day moving average price of $20.11. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.15. The company has a market capitalization of $5.55 billion, a P/E ratio of 18.86 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS 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 company had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. During the same period last year, the firm earned $0.03 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. Equities analysts expect that Remitly Global, Inc. will post 0.85 EPS for the current year.

Insider Buying and Selling

In other Remitly Global news, Director Nigel W. Morris sold 3,249 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $26.53, for a total transaction of $86,195.97. Following the transaction, the director owned 1,827,807 shares in the company, valued at $48,491,719.71. This trade represents a 0.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Phillip John Riese sold 69,818 shares of Remitly Global stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $23.54, for a total value of $1,643,515.72. Following the completion of the transaction, the director directly owned 261,094 shares of the company’s stock, valued at $6,146,152.76. This represents a 21.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 490,096 shares of company stock valued at $11,711,588 over the last 90 days. 6.53% of the stock is owned by corporate insiders.

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.