LGT Fund Management Co Ltd. Makes New $3 Million Investment in Remitly Global, Inc. (NASDAQ:RELY)

Key Points

• LGT Fund Management Co Ltd. has acquired 144,000 shares of Remitly Global, valued at approximately $2,995,000, now owning 0.07% of the company.
• Analysts have set new price targets for Remitly Global, with KeyCorp raising its target to $28.00 and Goldman's target increasing to $26.00, while the average target is now $29.00.
• Director Phillip John Riese sold 5,000 shares at an average price of $20.34, representing a 4.66% decrease in his position, as insiders have sold a total of 12,041,833 shares in the last ninety days.

LGT Fund Management Co Ltd. acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the first quarter, according to its most recent filing with the SEC. The fund acquired 144,000 shares of the financial services provider's stock, valued at approximately $2,995,000. LGT Fund Management Co Ltd. owned approximately 0.07% of Remitly Global at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Exchange Traded Concepts LLC purchased a new position in shares of Remitly Global in the 1st quarter worth $46,000. KBC Group NV lifted its stake in Remitly Global by 29.8% in the first quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock worth $165,000 after acquiring an additional 1,823 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in Remitly Global in the 4th quarter valued at $211,000. Cetera Investment Advisers acquired a new position in shares of Remitly Global during the 1st quarter worth $223,000. Finally, Xponance Inc. boosted its stake in shares of Remitly Global by 4.8% during the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock worth $237,000 after purchasing an additional 518 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on RELY shares. Monness Crespi & Hardt upped their target price on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Barclays lifted their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. KeyCorp restated an "overweight" rating and issued a $28.00 price target (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Wall Street Zen lowered Remitly Global from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, The Goldman Sachs Group lifted their price target on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Remitly Global has an average rating of "Moderate Buy" and a consensus target price of $29.00.

Insider Transactions at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $22.44, for a total transaction of $327,242.52. Following the sale, the chief executive officer owned 4,271,181 shares in the company, valued at $95,845,301.64. The trade was a 0.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the firm's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total value of $101,700.00. Following the completion of the transaction, the director directly owned 102,257 shares of the company's stock, valued at $2,079,907.38. The trade was a 4.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 127,833 shares of company stock valued at $2,653,993. 7.50% of the stock is owned by insiders.

Remitly Global Stock Performance

Remitly Global stock traded down $0.05 during trading on Friday, reaching $19.60. The company had a trading volume of 2,754,201 shares, compared to its average volume of 4,833,845. The firm's 50-day simple moving average is $18.44 and its 200 day simple moving average is $20.74. The firm has a market capitalization of $4.04 billion, a PE ratio of 326.72 and a beta of 0.12. Remitly Global, Inc. has a 1-year low of $12.43 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%. The company had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. During the same period last year, the firm posted ($0.06) earnings per share. The business's revenue was up 34.4% on a year-over-year basis. Analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

About Remitly Global

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.