129,664 Shares in Remitly Global, Inc. $RELY Purchased by Empirical Financial Services LLC d.b.a. Empirical Wealth Management

Key Points

• Empirical Wealth Management disclosed a new first-quarter stake in Remitly Global, buying 129,664 shares valued at about $2.03 million. The firm’s holding represented roughly 0.06% of the company.
• Institutional ownership remains heavy, with hedge funds and other investors holding about 74.25% of Remitly’s stock. Several firms recently increased their positions, while insiders also sold shares over the past 90 days.
• Analysts remain generally constructive on the stock: Remitly has a Moderate Buy consensus and an average price target of $25.00. The company also recently beat earnings expectations, reporting $0.23 EPS on revenue of $452.8 million, up 25.2% year over year.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 129,664 shares of the financial services provider's stock, valued at approximately $2,032,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management owned about 0.06% of Remitly Global at the end of the most recent quarter.

Several other hedge funds and other institutional investors 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 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider's stock worth $2,550,000 after acquiring an additional 679 shares during the period. Main Management ETF Advisors LLC grew its holdings in 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 valued at $1,329,000 after purchasing an additional 984 shares during the period. New York State Teachers Retirement System grew its holdings in 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 valued at $210,000 after purchasing an additional 1,184 shares during the period. 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 purchasing an additional 1,286 shares during the last quarter. 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 purchasing an additional 1,545 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. KeyCorp lifted their price target on shares of Remitly Global from $21.00 to $23.00 and gave the company an "overweight" rating in a report on Tuesday, April 21st. The Goldman Sachs Group upped their price objective on Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, July 9th. Zacks Research lowered Remitly Global from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 20th. Weiss Ratings upgraded Remitly Global from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, June 3rd. Finally, Citizens Jmp upped their price target on Remitly Global from $22.00 to $26.00 and gave the stock a "market outperform" rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $25.00.

Insider Buying and Selling

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of the business's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $526,750.00. Following the transaction, the chief financial officer owned 988,004 shares in the company, valued at $20,817,244.28. The trade was a 2.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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, Director Joshua Hug sold 34,383 shares of the company's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $24.89, for a total value of $855,792.87. Following the completion of the sale, the director directly owned 3,482,320 shares of the company's stock, valued at $86,674,944.80. The trade was a 0.98% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 237,188 shares of company stock valued at $5,089,318 over the last ninety days. Insiders own 6.53% of the company's stock.

Remitly Global Stock Down 0.7%

Remitly Global stock opened at $23.52 on Wednesday. The firm has a fifty day moving average of $21.61 and a 200-day moving average of $17.83. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.92. The firm has a market capitalization of $4.95 billion, a P/E ratio of 48.00 and a beta of 0.34.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. During the same quarter in the previous year, the business posted $0.05 EPS. The business's quarterly revenue was up 25.2% on a year-over-year basis. On average, 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.

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