RHS Financial LLC Makes New Investment in Remitly Global, Inc. $RELY

RHS Financial LLC acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 14,988 shares of the financial services provider’s stock, valued at approximately $281,000.

Other institutional investors also recently bought and sold shares of the company. Townsquare Capital LLC lifted its position in shares of Remitly Global by 2.5% during the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider’s stock valued at $393,000 after buying an additional 459 shares in the last quarter. Xponance Inc. grew its holdings in shares of 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 purchasing an additional 518 shares in the last quarter. Elequin Capital LP bought a new stake in Remitly Global in the first quarter worth $30,000. 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 valued at $165,000 after purchasing an additional 1,823 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Remitly Global in the 1st quarter valued at about $41,000. 74.25% of the stock is owned by institutional investors.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $14.99 on Monday. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of 249.87 and a beta of 0.10. The firm’s 50-day moving average is $17.83 and its two-hundred day moving average is $19.19. Remitly Global, Inc. has a 1 year low of $12.57 and a 1 year high of $27.32.

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

Insider Buying and Selling

In other news, Director Joshua Hug sold 40,777 shares of Remitly Global stock in a transaction on Friday, August 29th. The stock was sold at an average price of $18.41, for a total value of $750,704.57. Following the transaction, the director directly owned 3,654,288 shares in the company, valued at approximately $67,275,442.08. This trade represents a 1.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the company’s 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 owned 112,496 shares of the company’s stock, valued at $2,249,920. This trade represents a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 93,943 shares of company stock worth $1,720,993 over the last quarter. Insiders own 8.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RELY shares. Wall Street Zen raised Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th. JMP Securities reduced their price target 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 reiterated an “overweight” rating and set a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Weiss Ratings restated a “sell (d+)” rating on shares of Remitly Global in a research note on Wednesday, October 8th. Finally, Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and an average target price of $27.88.

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.