Bleakley Financial Group LLC Acquires Shares of 23,217 Remitly Global, Inc. $RELY

Bleakley Financial Group LLC bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 23,217 shares of the financial services provider’s stock, valued at approximately $364,000.

A number of other hedge funds also recently modified their holdings of RELY. Fifth Third Bancorp bought a new stake in Remitly Global during the first quarter worth about $856,000. Villere ST Denis J & Co. LLC acquired a new position in shares of Remitly Global in the 1st quarter valued at approximately $392,000. Summit Securities Group LLC acquired a new position in shares of Remitly Global in the 1st quarter valued at approximately $26,000. Seelaus Asset Management LLC acquired a new stake in shares of Remitly Global during the 1st quarter worth approximately $190,000. Finally, Counterpoint Mutual Funds LLC acquired a new stake in shares of Remitly Global during the 1st quarter worth approximately $557,000. Institutional investors own 74.25% of the company’s stock.

Analyst Ratings Changes

RELY has been the subject of several recent analyst reports. The Goldman Sachs Group upped their target price on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Zacks Research downgraded Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Weiss Ratings raised shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. Finally, Citigroup restated an “outperform” rating on shares of Remitly Global in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $25.50.

Insiders Place Their Bets

In related news, insider Pankaj Sharma sold 16,000 shares of Remitly Global stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total transaction of $320,160.00. Following the sale, the insider directly owned 767,810 shares in the company, valued at $15,363,878.10. This trade represents a 2.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bora Chung sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total transaction of $257,040.00. Following the sale, the director directly owned 125,317 shares in the company, valued at $2,684,290.14. The trade was a 8.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 187,188 shares of company stock worth $4,087,718 over the last quarter. 6.53% of the stock is currently owned by corporate insiders.

Remitly Global Stock Down 4.4%

Shares of RELY stock opened at $24.13 on Friday. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $25.75. The stock’s fifty day simple moving average is $21.69 and its 200 day simple moving average is $18.03. The firm has a market capitalization of $5.08 billion, a P/E ratio of 49.24 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.12 by $0.11. The firm had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The business’s quarterly revenue was up 25.2% on a year-over-year basis. During the same period last year, the company earned $0.05 earnings per share. As a group, equities research analysts expect that Remitly Global, Inc. will post 0.62 EPS for the current fiscal year.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.