ArrowMark Colorado Holdings LLC Has $90.16 Million Stock Holdings in Remitly Global, Inc. $RELY

ArrowMark Colorado Holdings LLC grew its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 46.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,531,247 shares of the financial services provider’s stock after purchasing an additional 1,748,576 shares during the period. Remitly Global comprises approximately 1.7% of ArrowMark Colorado Holdings LLC’s investment portfolio, making the stock its 6th biggest holding. ArrowMark Colorado Holdings LLC owned approximately 2.65% of Remitly Global worth $90,159,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Essex Investment Management Co. LLC bought a new position in Remitly Global in the third quarter valued at $33,000. First Horizon Corp acquired a new stake in Remitly Global in the 3rd quarter valued at $36,000. Exchange Traded Concepts LLC lifted its position in Remitly Global by 29.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after buying an additional 714 shares in the last quarter. AlphaQuest LLC lifted its position in Remitly Global by 34.4% during the 3rd quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock worth $71,000 after buying an additional 1,115 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Remitly Global during the 2nd quarter worth about $89,000. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Performance

Shares of RELY opened at $15.25 on Friday. The company has a market cap of $3.21 billion, a PE ratio of 49.19 and a beta of 0.06. The firm has a 50-day moving average of $14.56 and a 200-day moving average of $15.11. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.70. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The company had revenue of $442.18 million for the quarter, compared to analysts’ expectations of $427.27 million. During the same period in the prior year, the firm earned ($0.03) EPS. Remitly Global’s quarterly revenue was up 25.7% compared to the same quarter last year. As a group, equities analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Activity

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $17.50, for a total value of $437,500.00. Following the sale, the chief financial officer owned 862,759 shares in the company, valued at $15,098,282.50. This represents a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ankur Sinha sold 9,741 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $16.94, for a total value of $165,012.54. Following the completion of the sale, the insider owned 1,180,119 shares in the company, valued at $19,991,215.86. This represents a 0.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 12,073,290 shares of company stock valued at $193,019,269. 7.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RELY shares. JPMorgan Chase & Co. decreased their price objective on Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Tuesday, January 20th. Weiss Ratings upgraded Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, February 20th. Bank of America started coverage on Remitly Global in a research report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price target for the company. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 20th. Finally, Citizens Jmp boosted their price target on Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $22.78.

Remitly Global 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.