Lakewood Capital Management LP Takes $16.83 Million Position in Remitly Global, Inc. $RELY

Lakewood Capital Management LP bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 751,200 shares of the financial services provider’s stock, valued at approximately $16,834,000. Lakewood Capital Management LP owned 0.35% of Remitly Global at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Remitly Global by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after purchasing an additional 3,870 shares during the period. Millennium Management LLC raised its position in shares of Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after buying an additional 124,798 shares during the last quarter. Caxton Associates LLP acquired a new position in shares of Remitly Global during the first quarter valued at about $218,000. Focus Partners Wealth bought a new stake in shares of Remitly Global in the first quarter valued at about $1,458,000. Finally, Cetera Investment Advisers lifted its stake in shares of Remitly Global by 12.0% in the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock valued at $226,000 after buying an additional 1,286 shares during the period. Institutional investors own 74.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RELY shares. 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. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. 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. Finally, Cantor Fitzgerald boosted their price target on shares of Remitly Global from $28.00 to $30.00 and gave the company 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 issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $27.67.

Insider Buying and Selling 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 value of $86,195.97. Following the sale, the director owned 1,827,807 shares in the company, valued at approximately $48,491,719.71. The trade was a 0.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joshua Hug sold 5,500 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $23.65, for a total transaction of $130,075.00. Following the completion of the sale, the director directly owned 2,675,389 shares in the company, valued at approximately $63,272,949.85. The trade was a 0.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 490,096 shares of company stock worth $11,711,588 over the last three months. Company insiders own 6.53% of the company’s stock.

Remitly Global Trading Down 0.3%

NASDAQ RELY opened at $26.59 on Tuesday. The stock’s 50 day moving average is $23.56 and its two-hundred day moving average is $20.02. The company has a market capitalization of $5.63 billion, a price-to-earnings ratio of 19.13 and a beta of 0.34. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15.

Remitly Global (NASDAQ:RELY) last issued its earnings results 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 business 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 quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.03 EPS. On average, analysts predict that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

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.