Vanguard Group Inc. Buys 306,099 Shares of Remitly Global, Inc. $RELY

Vanguard Group Inc. increased its stake in Remitly Global, Inc. (NASDAQ:RELY) by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,957,152 shares of the financial services provider’s stock after acquiring an additional 306,099 shares during the quarter. Vanguard Group Inc. owned about 7.34% of Remitly Global worth $311,109,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RELY. Exchange Traded Concepts LLC bought a new position in Remitly Global during the 1st quarter worth approximately $46,000. KBC Group NV raised its stake in Remitly Global by 29.8% during the first quarter. KBC Group NV now owns 7,944 shares of the financial services provider’s stock worth $165,000 after buying an additional 1,823 shares during the last quarter. Mackenzie Financial Corp bought a new position in Remitly Global during the fourth quarter worth $211,000. Cetera Investment Advisers bought a new position in Remitly Global during the first quarter worth $223,000. Finally, Xponance Inc. lifted its holdings in Remitly Global by 4.8% in the first quarter. Xponance Inc. now owns 11,391 shares of the financial services provider’s stock valued at $237,000 after buying an additional 518 shares during the period. 74.25% of the stock is currently owned by institutional investors.

Insider Activity at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total transaction of $251,994.24. Following the completion of the sale, the chief executive officer directly owned 4,212,849 shares of the company’s stock, valued at approximately $72,798,030.72. The trade was a 0.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Luke Tavis sold 2,920 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $21.15, for a total value of $61,758.00. Following the completion of the sale, the chief accounting officer directly owned 1,208 shares of the company’s stock, valued at approximately $25,549.20. This trade represents a 70.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 127,833 shares of company stock valued at $2,653,993 over the last quarter. 8.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on RELY shares. Wall Street Zen upgraded Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday. Monness Crespi & Hardt upped their target price on Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Barclays lifted their target price on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. The Goldman Sachs Group increased their price target on Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $29.00.

Remitly Global Stock Down 0.3%

NASDAQ RELY opened at $19.60 on Monday. Remitly Global, Inc. has a 52 week low of $12.43 and a 52 week high of $27.32. The business has a 50 day moving average price of $18.44 and a 200-day moving average price of $20.70. The company has a market cap of $4.04 billion, a price-to-earnings ratio of 326.72 and a beta of 0.12.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The business had revenue of $411.85 million for the quarter, compared to the consensus estimate of $384.59 million. During the same quarter last year, the firm posted ($0.06) EPS. The business’s revenue for the quarter was up 34.4% compared to the same quarter last year. On average, equities research analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

About Remitly Global

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.