176,482 Shares in Remitly Global, Inc. $RELY Acquired by Palisades Investment Partners LLC

Palisades Investment Partners LLC acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 176,482 shares of the financial services provider's stock, valued at approximately $3,313,000. Remitly Global comprises about 1.4% of Palisades Investment Partners LLC's holdings, making the stock its 26th biggest holding. Palisades Investment Partners LLC owned approximately 0.09% of Remitly Global as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Squarepoint Ops LLC grew its position in Remitly Global by 42.1% in the fourth quarter. Squarepoint Ops LLC now owns 37,893 shares of the financial services provider's stock valued at $855,000 after acquiring an additional 11,219 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Remitly Global by 30.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 314,714 shares of the financial services provider's stock valued at $7,103,000 after buying an additional 72,687 shares during the last quarter. Mackenzie Financial Corp bought a new position in Remitly Global in the 4th quarter valued at $211,000. GAMMA Investing LLC lifted its position in shares of Remitly Global by 2,744.4% during the 1st quarter. GAMMA Investing LLC now owns 17,493 shares of the financial services provider's stock valued at $364,000 after buying an additional 16,878 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in Remitly Global by 5.4% during the 1st quarter. Rhumbline Advisers now owns 219,702 shares of the financial services provider's stock worth $4,570,000 after purchasing an additional 11,213 shares in the last quarter. Institutional investors own 74.25% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on RELY. KeyCorp restated an "overweight" rating and set a $28.00 price target (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Wall Street Zen raised Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday, September 7th. Finally, JMP Securities cut their price objective on Remitly Global from $32.00 to $23.00 and set a "market outperform" rating for the company in a report on Monday, September 15th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Remitly Global currently has a consensus rating of "Moderate Buy" and a consensus target price of $27.88.

Insider Activity

In related news, Director Phillip John Riese sold 5,000 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00. Following the completion of the sale, the director owned 112,496 shares of the company's stock, valued at $2,249,920. This represents a 4.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $16.68, for a total transaction of $243,244.44. Following the sale, the chief executive officer directly owned 4,544,354 shares of the company's stock, valued at approximately $75,799,824.72. This represents a 0.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 93,943 shares of company stock worth $1,720,993 in the last three months. 7.50% of the stock is owned by insiders.

Remitly Global Stock Up 0.9%

Shares of NASDAQ:RELY opened at $16.40 on Friday. Remitly Global, Inc. has a 52-week low of $12.43 and a 52-week high of $27.32. The business's 50 day moving average is $18.03 and its 200 day moving average is $19.51. The stock has a market cap of $3.38 billion, a P/E ratio of 273.38 and a beta of 0.13.

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

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