Legal & General Group Plc Takes $9.40 Million Position in Remitly Global, Inc. $RELY

Legal & General Group Plc bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) in the second quarter, HoldingsChannel reports. The institutional investor bought 419,487 shares of the financial services provider’s stock, valued at approximately $9,401,000.

Other large investors have also made changes to their positions in the company. Summit Securities Group LLC bought a new position in Remitly Global in the first quarter valued at about $26,000. Cullen Frost Bankers Inc. bought a new stake in Remitly Global during the 4th quarter worth about $28,000. GAMMA Investing LLC raised its holdings in Remitly Global by 45.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 677 shares during the last quarter. HighMark Wealth Management LLC bought a new stake in Remitly Global during the 4th quarter worth about $35,000. Finally, Quarry LP acquired a new position in Remitly Global during the 3rd quarter valued at about $42,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Trading Down 3.9%

NASDAQ:RELY opened at $25.71 on Wednesday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15. The firm has a market capitalization of $5.44 billion, a price-to-earnings ratio of 18.50 and a beta of 0.36. The business’s 50-day moving average price is $24.22 and its two-hundred day moving average price is $20.57.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. The company had revenue of $495.16 million during the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.Remitly Global’s revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.03 EPS. Sell-side analysts predict that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Wall Street Analyst Weigh In

RELY has been the topic of several recent research reports. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. KeyCorp increased their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Wolfe Research raised their price objective on shares of Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday, August 25th. Citizens Jmp raised their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Finally, Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Two 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $27.78.

Insider Buying and Selling at Remitly Global

In other news, Director Nigel W. Morris sold 20,000 shares of Remitly Global stock in a transaction on Monday, August 17th. The shares were sold at an average price of $26.26, for a total transaction of $525,200.00. Following the transaction, the director directly owned 1,831,056 shares of the company’s stock, valued at $48,083,530.56. This trade represents a 1.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Pankaj Sharma sold 21,000 shares of Remitly Global stock in a transaction on Friday, August 28th. The stock was sold at an average price of $26.39, for a total transaction of $554,190.00. Following the transaction, the insider directly owned 716,022 shares in the company, valued at approximately $18,895,820.58. This represents a 2.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 502,771 shares of company stock worth $12,328,147 over the last ninety days. 6.53% of the stock is owned by corporate insiders.

About Remitly Global

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.