Remitly Global, Inc. $RELY Shares Bought by Teacher Retirement System of Texas

Teacher Retirement System of Texas grew its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 63.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 96,920 shares of the financial services provider’s stock after acquiring an additional 37,715 shares during the quarter. Teacher Retirement System of Texas’ holdings in Remitly Global were worth $1,819,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Y Intercept Hong Kong Ltd raised its position in shares of Remitly Global by 50.1% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 101,627 shares of the financial services provider’s stock valued at $1,908,000 after purchasing an additional 33,901 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Remitly Global by 8.2% in the second quarter. Envestnet Asset Management Inc. now owns 64,490 shares of the financial services provider’s stock worth $1,210,000 after buying an additional 4,900 shares during the last quarter. University of Texas Texas AM Investment Management Co. raised its holdings in shares of Remitly Global by 730.0% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 105,978 shares of the financial services provider’s stock worth $1,989,000 after buying an additional 93,210 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its stake in shares of Remitly Global by 6.2% during the second quarter. State of New Jersey Common Pension Fund D now owns 83,117 shares of the financial services provider’s stock worth $1,560,000 after buying an additional 4,860 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of Remitly Global by 40.2% during the second quarter. Caitong International Asset Management Co. Ltd now owns 4,474 shares of the financial services provider’s stock valued at $84,000 after buying an additional 1,282 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analysts Set New Price Targets

RELY has been the subject of a number of research analyst reports. KeyCorp restated an “overweight” rating and issued a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. JMP Securities reduced their price objective on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating for the company in a research note on Monday, September 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Remitly Global in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. Finally, William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. 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, the company has a consensus rating of “Moderate Buy” and a consensus target price of $27.25.

Insider Activity

In other Remitly Global news, Director Joshua Hug sold 40,777 shares of the company’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $18.41, for a total value of $750,704.57. Following the completion of the transaction, the director owned 3,654,288 shares in the company, valued at approximately $67,275,442.08. This represents a 1.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $15.59, for a total value of $227,348.97. Following the sale, the chief executive officer owned 4,515,188 shares in the company, valued at $70,391,780.92. This trade represents a 0.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 93,943 shares of company stock worth $1,696,348 over the last three months. Corporate insiders own 8.10% of the company’s stock.

Remitly Global Trading Up 2.6%

Remitly Global stock opened at $16.46 on Tuesday. The firm has a market cap of $3.39 billion, a PE ratio of 274.38 and a beta of 0.10. Remitly Global, Inc. has a 12 month low of $14.72 and a 12 month high of $27.32. The stock’s 50 day simple moving average is $17.02 and its two-hundred day simple moving average is $18.75.

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 the consensus estimate of $0.18 by ($0.14). Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The firm had revenue of $411.85 million for the quarter, compared to analysts’ expectations of $384.59 million. During the same period last year, the firm earned ($0.06) earnings per share. Remitly Global’s revenue for the quarter was up 34.4% compared to the same quarter last year. On average, equities research analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

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.