Ardsley Advisory Partners LP Buys Shares of 300,000 Remitly Global, Inc. $RELY

Ardsley Advisory Partners LP purchased a new position in Remitly Global, Inc. (NASDAQ:RELY) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 300,000 shares of the financial services provider’s stock, valued at approximately $5,631,000. Ardsley Advisory Partners LP owned about 0.15% of Remitly Global at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Elequin Capital LP bought a new stake in Remitly Global in the 1st quarter worth about $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Remitly Global during the 1st quarter valued at about $41,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Remitly Global in the first quarter worth approximately $66,000. Flaharty Asset Management LLC bought a new stake in shares of Remitly Global in the first quarter worth approximately $94,000. Finally, Federated Hermes Inc. raised its holdings in shares of Remitly Global by 30,330.4% during the second quarter. Federated Hermes Inc. now owns 6,999 shares of the financial services provider’s stock valued at $131,000 after purchasing an additional 6,976 shares during the last quarter. 74.25% of the stock is owned by institutional investors.

Insider Buying and Selling at Remitly Global

In other news, Director Joshua Hug sold 40,776 shares of the firm’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $13.33, for a total transaction of $543,544.08. Following the sale, the director directly owned 3,654,764 shares in the company, valued at $48,718,004.12. This trade represents a 1.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $15.59, for a total transaction 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 position. The SEC filing for this sale provides additional information. Insiders have sold 76,442 shares of company stock valued at $1,098,702 over the last 90 days. 8.10% of the stock is currently owned by corporate insiders.

Remitly Global Stock Up 4.7%

Shares of RELY opened at $14.15 on Wednesday. The business has a 50-day simple moving average of $14.54 and a two-hundred day simple moving average of $17.21. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $27.32. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of 157.22 and a beta of 0.11.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. The firm had revenue of $419.49 million for the quarter, compared to analysts’ expectations of $413.73 million. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The business’s quarterly revenue was up 24.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.01 EPS. On average, equities analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RELY has been the topic of several research reports. JPMorgan Chase & Co. dropped their target price on shares of Remitly Global from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. JMP Securities lowered their price target on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a report on Monday, September 15th. William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Friday, October 10th. The Goldman Sachs Group cut their price objective on Remitly Global from $26.00 to $21.00 and set a “buy” rating for the company in a report on Monday, October 13th. Finally, Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 3rd. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.88.

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.