35,895 Shares of Remitly Global, Inc. $RELY Acquired by Private Client Services LLC

Private Client Services LLC bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 35,895 shares of the financial services provider’s stock, valued at approximately $766,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. IFP Advisors Inc grew its stake in Remitly Global by 59.1% in the 2nd quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider’s stock valued at $32,000 after buying an additional 527 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Remitly Global during the second quarter worth $6,282,000. Baird Financial Group Inc. bought a new position in shares of Remitly Global in the second quarter worth $240,000. Allworth Financial LP boosted its holdings in shares of Remitly Global by 12.5% in the second quarter. Allworth Financial LP now owns 4,859 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 540 shares during the period. Finally, Arizona State Retirement System grew its position in shares of Remitly Global by 1.2% in the second quarter. Arizona State Retirement System now owns 49,407 shares of the financial services provider’s stock valued at $1,107,000 after purchasing an additional 600 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Analyst Ratings Changes

RELY has been the topic of a number of analyst reports. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Wolfe Research raised their target price on Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 25th. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. KeyCorp upped their price target on Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Finally, Cantor Fitzgerald increased their price target on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Remitly Global currently has an average rating of “Buy” and an average target price of $27.78.

Insiders Place Their Bets

In other news, insider Pankaj Sharma sold 21,000 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $26.39, for a total transaction of $554,190.00. Following the completion of the transaction, the insider owned 716,022 shares of the company’s stock, valued at approximately $18,895,820.58. The trade was a 2.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total transaction of $653,750.00. Following the completion of the transaction, the chief financial officer owned 943,735 shares in the company, valued at approximately $24,678,670.25. This trade represents a 2.58% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 473,238 shares of company stock valued at $11,746,510 over the last 90 days. 6.53% of the stock is owned by insiders.

Remitly Global Trading Up 3.3%

Shares of RELY traded up $0.71 during mid-day trading on Friday, reaching $22.20. 976,408 shares of the stock traded hands, compared to its average volume of 3,967,030. The company has a market cap of $4.70 billion, a price-to-earnings ratio of 15.98 and a beta of 0.39. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.48. The firm has a fifty day moving average price of $23.92 and a 200 day moving average price of $21.63.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. The company had revenue of $495.16 million for the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm’s revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.03 earnings per share. On average, sell-side analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current year.

Remitly Global Profile

Remitly Global, Inc is a digital financial services company that provides international money transfer services through its mobile application and website. The company enables customers to send funds across borders, with recipients able to receive money through bank deposits, mobile wallets, cash pickup locations and, in select markets, home delivery.

Remitly’s platform is designed to offer a convenient alternative to traditional remittance services, with features such as transfer tracking, multiple delivery options and customer support.