214,148 Shares in Remitly Global, Inc. $RELY Bought by Ieq Capital LLC

Ieq Capital LLC acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 214,148 shares of the financial services provider’s stock, valued at approximately $4,799,000. Ieq Capital LLC owned about 0.10% of Remitly Global as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in RELY. Summit Securities Group LLC purchased a new position in Remitly Global in the first quarter worth about $26,000. Torren Management LLC bought a new stake in shares of Remitly Global in the 4th quarter valued at approximately $25,000. Cullen Frost Bankers Inc. purchased a new position in shares of Remitly Global in the 4th quarter worth approximately $28,000. GAMMA Investing LLC boosted its holdings in shares of Remitly Global by 45.4% in 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 period. Finally, HighMark Wealth Management LLC bought a new position in shares of Remitly Global during the 4th quarter valued at approximately $35,000. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Stock Performance

Shares of RELY stock opened at $26.67 on Monday. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15. The firm has a market capitalization of $5.65 billion, a P/E ratio of 19.19 and a beta of 0.34. The stock has a 50 day moving average price of $23.42 and a 200 day moving average price of $19.92.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.03 EPS. As a group, sell-side analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current year.

Analyst Ratings Changes

Several analysts recently weighed in on RELY shares. The Goldman Sachs Group increased their price target on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Cantor Fitzgerald boosted their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. KeyCorp increased their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Finally, Citizens Jmp raised their target price on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating 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 given a Hold rating to the stock. According to MarketBeat, Remitly Global currently has an average rating of “Buy” and an average target price of $27.67.

Insider Transactions at Remitly Global

In other news, Director Nigel W. Morris sold 3,249 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $26.53, for a total transaction of $86,195.97. Following the completion of the sale, the director directly owned 1,827,807 shares of the company’s stock, valued at approximately $48,491,719.71. The trade was a 0.18% 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 this link. Also, Director Joshua Hug sold 5,500 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $23.65, for a total transaction of $130,075.00. Following the sale, the director directly owned 2,675,389 shares of the company’s stock, valued at $63,272,949.85. This represents a 0.21% 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. Over the last ninety days, insiders sold 522,692 shares of company stock worth $12,398,386. 6.53% of the stock is currently owned by 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.