KLP Kapitalforvaltning AS Has $599,000 Holdings in Remitly Global, Inc. $RELY

KLP Kapitalforvaltning AS increased its stake in Remitly Global, Inc. (NASDAQ:RELY) by 13.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,900 shares of the financial services provider’s stock after buying an additional 3,800 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Remitly Global were worth $599,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Simplicity Wealth LLC boosted its holdings in shares of Remitly Global by 41.1% in the 2nd quarter. Simplicity Wealth LLC now owns 39,336 shares of the financial services provider’s stock valued at $738,000 after buying an additional 11,459 shares during the last quarter. LGT Fund Management Co Ltd. lifted its holdings in Remitly Global by 31.4% during the 2nd quarter. LGT Fund Management Co Ltd. now owns 189,150 shares of the financial services provider’s stock valued at $3,550,000 after purchasing an additional 45,150 shares during the last quarter. 111 Capital lifted its holdings in Remitly Global by 95.4% during the 2nd quarter. 111 Capital now owns 30,480 shares of the financial services provider’s stock valued at $572,000 after purchasing an additional 14,880 shares during the last quarter. Palisades Investment Partners LLC acquired a new stake in Remitly Global during the 2nd quarter valued at $3,313,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in Remitly Global during the 2nd quarter valued at $938,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Performance

RELY opened at $15.59 on Friday. Remitly Global, Inc. has a fifty-two week low of $14.28 and a fifty-two week high of $27.32. The company has a market capitalization of $3.21 billion, a P/E ratio of 259.88 and a beta of 0.10. The stock has a fifty day moving average of $17.62 and a 200-day moving average of $19.03.

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

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $15.59, for a total value of $227,348.97. Following the transaction, the chief executive officer owned 4,515,188 shares in the company, valued at approximately $70,391,780.92. This trade 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 this link. Also, Director Phillip John Riese sold 5,000 shares of the firm’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 completion of the transaction, the director owned 112,496 shares in the company, valued at $2,249,920. The trade was a 4.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 93,943 shares of company stock worth $1,696,348 over the last three months. Company insiders own 7.50% of the company’s stock.

Wall Street Analysts Forecast Growth

RELY has been the subject of several research reports. The Goldman Sachs Group cut their price target on Remitly Global from $26.00 to $21.00 and set a “buy” rating for the company in a report on Monday, October 13th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a report on Wednesday, October 8th. JMP Securities cut their price target on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating for the company in a report on Monday, September 15th. Finally, Wall Street Zen raised 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 assigned a Sell rating to the stock. According to MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and a consensus price target of $27.25.

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.