1,498,821 Shares of Remitly Global, Inc. $RELY Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management acquired 1.5 million Remitly Global shares worth approximately $32.0 million, taking a 0.71% stake. Institutional investors collectively own 74.25% of the company.
• Remitly reported strong quarterly results, with earnings of $0.93 per share versus the $0.12 consensus estimate and revenue of $495.16 million, up 20.2% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and a $27.78 price target, although insiders sold 478,738 shares worth about $11.9 million over the past 90 days.

Assenagon Asset Management S.A. acquired a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,498,821 shares of the financial services provider's stock, valued at approximately $31,985,000. Assenagon Asset Management S.A. owned 0.71% of Remitly Global as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Seelaus Asset Management LLC grew its holdings in Remitly Global by 29.5% in the 3rd quarter. Seelaus Asset Management LLC now owns 37,095 shares of the financial services provider's stock valued at $792,000 after buying an additional 8,456 shares during the last quarter. GAMMA Investing LLC increased its position in Remitly Global by 25.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,708 shares of the financial services provider's stock worth $58,000 after buying an additional 541 shares during the period. Private Client Services LLC bought a new position in Remitly Global in the 3rd quarter worth approximately $766,000. IFP Advisors Inc lifted its holdings in shares of Remitly Global by 59.1% during the second quarter. IFP Advisors Inc now owns 1,419 shares of the financial services provider's stock worth $32,000 after buying an additional 527 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of Remitly Global during the second quarter worth approximately $6,282,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Insider Buying and Selling at Remitly Global

In other news, Director Phillip Riese sold 160,182 shares of Remitly Global stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $24.94, for a total transaction of $3,994,939.08. Following the sale, the director directly owned 361,094 shares in the company, valued at approximately $9,005,684.36. The trade was a 30.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Nigel W. Morris sold 20,000 shares of Remitly Global stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $26.26, for a total transaction of $525,200.00. Following the sale, the director owned 1,831,056 shares in the company, valued at approximately $48,083,530.56. This trade represents a 1.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 478,738 shares of company stock worth $11,874,000. Corporate insiders own 6.53% of the company's stock.

Remitly Global Trading Down 2.0%

Shares of NASDAQ RELY opened at $24.16 on Friday. The business has a fifty day simple moving average of $23.86 and a 200 day simple moving average of $22.18. The firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of 17.38 and a beta of 0.39. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $27.48.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.12 by $0.81. The firm had revenue of $495.16 million during the quarter, compared to analysts' expectations of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%. Remitly Global's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the business earned $0.03 earnings per share. On average, research analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wolfe Research increased their price target on shares of Remitly Global from $31.00 to $32.00 and gave the company an "outperform" rating in a report on Tuesday, August 25th. Zacks Research lowered shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 5th. Weiss Ratings upgraded shares of Remitly Global from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday. Citigroup reaffirmed an "outperform" rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, The Goldman Sachs Group upped their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Remitly Global presently has a consensus rating of "Buy" and a consensus target price of $27.78.

About Remitly Global

Remitly Global, Inc is a digital financial services company that provides international money transfer services through its mobile application and website. The company enables customers to send funds across borders, with recipients able to receive money through bank deposits, mobile wallets, cash pickup locations and, in select markets, home delivery.

Remitly's platform is designed to offer a convenient alternative to traditional remittance services, with features such as transfer tracking, multiple delivery options and customer support.

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