Man Group plc Invests $5.08 Million in Remitly Global, Inc. $RELY

Man Group plc acquired a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 226,521 shares of the financial services provider’s stock, valued at approximately $5,076,000.

Several other institutional investors have also added to or reduced their stakes in RELY. Torren Management LLC acquired a new position in Remitly Global in the 4th quarter worth $25,000. Summit Securities Group LLC acquired a new stake in shares of Remitly Global in the 1st quarter valued at about $26,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Remitly Global in the 4th quarter valued at about $28,000. HighMark Wealth Management LLC bought a new stake in shares of Remitly Global in the fourth quarter valued at about $35,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Remitly Global by 140.8% in the fourth 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 in the last quarter. 74.25% of the stock is owned by institutional investors.

Remitly Global Stock Performance

Shares of RELY stock opened at $26.55 on Monday. The firm’s fifty day moving average price is $23.99 and its two-hundred day moving average price is $20.39. 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 $5.62 billion, a P/E ratio of 19.10 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. The company had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company’s quarterly 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. As a group, equities research analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Vikas D. Mehta sold 25,000 shares of the 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 directly owned 943,735 shares of the company’s stock, valued at approximately $24,678,670.25. This represents a 2.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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. Also, Director Joshua Hug sold 5,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $23.65, for a total value of $130,075.00. Following the completion of the transaction, the director owned 2,675,389 shares of the company’s stock, valued at approximately $63,272,949.85. This represents a 0.21% 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. Over the last ninety days, insiders have sold 481,771 shares of company stock worth $11,773,957. Insiders own 6.53% of the company’s stock.

Analyst Ratings Changes

RELY has been the subject of several recent research reports. The Goldman Sachs Group upped their price objective on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. KeyCorp upped their price target on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Finally, Cantor Fitzgerald raised their price target on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Remitly Global has an average rating of “Buy” and an average target price of $27.78.

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.