Intech Investment Management LLC Raises Stock Position in Remitly Global, Inc. $RELY

Intech Investment Management LLC boosted its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 53.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,850 shares of the financial services provider’s stock after purchasing an additional 32,150 shares during the period. Intech Investment Management LLC’s holdings in Remitly Global were worth $1,931,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in RELY. Ameriprise Financial Inc. grew its holdings in Remitly Global by 24.5% during the 4th quarter. Ameriprise Financial Inc. now owns 210,198 shares of the financial services provider’s stock worth $4,744,000 after acquiring an additional 41,346 shares in the last quarter. Bank of America Corp DE raised its position in shares of Remitly Global by 66.1% during the 4th quarter. Bank of America Corp DE now owns 407,253 shares of the financial services provider’s stock worth $9,192,000 after buying an additional 162,118 shares in the last quarter. D. E. Shaw & Co. Inc. bought a new stake in shares of Remitly Global during the 4th quarter worth about $580,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Remitly Global by 6.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,975 shares of the financial services provider’s stock worth $1,918,000 after purchasing an additional 5,223 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in Remitly Global by 2.5% during the fourth quarter. Nuveen Asset Management LLC now owns 1,877,147 shares of the financial services provider’s stock valued at $42,367,000 after purchasing an additional 45,579 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RELY. Wall Street Zen raised shares of Remitly Global from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th. KeyCorp restated an “overweight” rating and issued a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Finally, JMP Securities reduced their price objective on shares of Remitly Global from $32.00 to $23.00 and set a “market outperform” rating for the company in a research note on Monday. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $27.88.

Remitly Global Stock Performance

Shares of RELY stock opened at $17.20 on Wednesday. The company has a market capitalization of $3.55 billion, a P/E ratio of 286.71 and a beta of 0.13. The company’s 50 day moving average price is $18.16 and its two-hundred day moving average price is $19.77. Remitly Global, Inc. has a 52 week low of $12.43 and a 52 week high of $27.32.

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

Insider Activity at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction 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 owned 4,212,849 shares of the company’s stock, valued at approximately $72,798,030.72. This trade represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of Remitly Global stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. Following the sale, the director directly owned 112,496 shares of the company’s stock, valued at $2,249,920. This represents a 4.26% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 79,360 shares of company stock valued at $1,477,749. 8.10% of the stock is owned by company insiders.

Remitly Global Profile

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.