60,613 Shares in Remitly Global, Inc. $RELY Purchased by D.A. Davidson & CO.

D.A. Davidson & CO. bought a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 60,613 shares of the financial services provider’s stock, valued at approximately $950,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RELY. California State Teachers Retirement System lifted its holdings in shares of Remitly Global by 0.5% during the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after buying an additional 679 shares during the last quarter. Main Management ETF Advisors LLC grew its stake in shares of Remitly Global by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock worth $1,329,000 after acquiring an additional 984 shares during the last quarter. New York State Teachers Retirement System grew its stake in shares of Remitly Global by 8.4% in the fourth quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 1,184 shares during the last quarter. Cetera Investment Advisers increased its position in Remitly Global by 12.0% during the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 1,286 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in Remitly Global by 140.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 1,545 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 7,596 shares of Remitly Global stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $160,047.72. Following the completion of the transaction, the insider directly owned 1,222,718 shares of the company’s stock, valued at approximately $25,762,668.26. This trade represents a 0.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Vikas D. Mehta sold 25,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $526,750.00. Following the completion of the sale, the chief financial officer owned 988,004 shares in the company, valued at $20,817,244.28. This represents a 2.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 187,188 shares of company stock valued at $4,087,718. 6.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on RELY. Monness Crespi & Hardt upped their target price on shares of Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Cantor Fitzgerald lifted their price target on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, July 16th. The Goldman Sachs Group increased their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Finally, Citizens Jmp raised their price objective on shares of Remitly Global from $26.00 to $30.00 and gave the stock a “market outperform” rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $25.50.

Remitly Global Trading Down 1.0%

NASDAQ RELY opened at $22.87 on Friday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $25.75. The company has a market capitalization of $4.82 billion, a price-to-earnings ratio of 46.67 and a beta of 0.34. The stock’s 50 day moving average is $21.65 and its two-hundred day moving average is $18.33.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. The business had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.Remitly Global’s quarterly revenue was up 25.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.05 EPS. On average, analysts predict that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

About Remitly Global

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.