Inspire Investing LLC Invests $769,000 in Remitly Global, Inc. $RELY

Inspire Investing LLC acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 40,959 shares of the financial services provider’s stock, valued at approximately $769,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. GAMMA Investing LLC lifted its holdings in Remitly Global by 2,744.4% during the 1st quarter. GAMMA Investing LLC now owns 17,493 shares of the financial services provider’s stock valued at $364,000 after buying an additional 16,878 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Remitly Global during the first quarter worth approximately $1,008,000. Exchange Traded Concepts LLC bought a new stake in shares of Remitly Global during the first quarter valued at approximately $46,000. Clarius Group LLC purchased a new stake in shares of Remitly Global in the first quarter valued at approximately $239,000. Finally, Allspring Global Investments Holdings LLC grew its stake in Remitly Global by 13.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 62,336 shares of the financial services provider’s stock worth $1,297,000 after purchasing an additional 7,533 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Price Performance

Shares of RELY stock opened at $14.99 on Monday. The stock’s fifty day moving average price is $17.83 and its 200 day moving average price is $19.19. Remitly Global, Inc. has a 1-year low of $12.57 and a 1-year high of $27.32. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 249.87 and a beta of 0.10.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The business’s revenue for the quarter was up 34.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.06) earnings per share. As a group, equities research analysts anticipate 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 the stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $16.68, for a total value of $243,244.44. Following the transaction, the chief executive officer directly owned 4,544,354 shares of the company’s stock, valued at approximately $75,799,824.72. This represents a 0.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joshua Hug sold 40,777 shares of Remitly Global stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $18.41, for a total value of $750,704.57. Following the sale, the director directly owned 3,654,288 shares of the company’s stock, valued at $67,275,442.08. This trade represents a 1.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 93,943 shares of company stock valued at $1,720,993 over the last three months. 8.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Zacks Research lowered Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings restated a “sell (d+)” rating on shares of Remitly Global in a report on Wednesday, October 8th. JMP Securities dropped their price objective on shares of Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Monday, September 15th. KeyCorp reissued an “overweight” rating and issued a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $27.88.

Remitly Global Company 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.