235,000 Shares in Remitly Global, Inc. $RELY Bought by Tocqueville Asset Management L.P.

Key Points

• Tocqueville Asset Management purchased 235,000 Remitly Global shares worth approximately $5.27 million, while institutional investors collectively own 74.25% of RELY.
• Analysts remain bullish, with Remitly receiving a consensus “Buy” rating and an average price target of $27.67; Cantor Fitzgerald recently raised its target to $30.
• Remitly reported quarterly earnings of $0.93 per share, substantially above the $0.12 consensus estimate, while revenue rose 20.2% year over year to $495.16 million.

Tocqueville Asset Management L.P. purchased a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 235,000 shares of the financial services provider's stock, valued at approximately $5,266,000. Tocqueville Asset Management L.P. owned approximately 0.11% of Remitly Global as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. GAMMA Investing LLC lifted its position in shares of Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider's stock valued at $49,000 after acquiring an additional 677 shares in the last quarter. California State Teachers Retirement System grew its position 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 purchasing an additional 679 shares in the last quarter. Main Management ETF Advisors LLC grew its position in shares of Remitly Global by 1.0% during 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 purchasing an additional 984 shares in the last quarter. Empowered Funds LLC raised its stake in Remitly Global by 2.9% during the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider's stock valued at $589,000 after purchasing an additional 1,050 shares during the period. Finally, New York State Teachers Retirement System raised its stake in Remitly Global by 8.4% during the 4th 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. 74.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on RELY. Cantor Fitzgerald upped their price target on Remitly Global from $28.00 to $30.00 and gave the stock an "overweight" rating in a research note on Monday, August 10th. Wolfe Research reiterated an "outperform" rating and set a $31.00 price objective on shares of Remitly Global in a research report on Thursday, August 6th. Monness Crespi & Hardt reissued a "buy" rating on shares of Remitly Global in a report on Thursday, August 6th. Weiss Ratings upgraded shares of Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Remitly Global in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Remitly Global has an average rating of "Buy" and a consensus price target of $27.67.

Remitly Global Price Performance

Shares of RELY opened at $24.71 on Friday. The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of 17.78 and a beta of 0.34. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15. The business's 50 day simple moving average is $23.27 and its 200-day simple moving average is $19.82.

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

Insiders Place Their Bets

In related news, insider Pankaj Sharma sold 16,000 shares of Remitly Global stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the completion of the transaction, the insider owned 767,810 shares in the company, valued at approximately $15,363,878.10. This trade represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Phillip John Riese sold 160,182 shares of Remitly Global stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $24.94, for a total value of $3,994,939.08. Following the completion of the transaction, the director owned 361,094 shares of the company's stock, valued at approximately $9,005,684.36. This represents a 30.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 522,692 shares of company stock worth $12,398,386. Insiders own 6.53% of the company's stock.

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.

Want to see what other hedge funds are holding RELY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Remitly Global, Inc. (NASDAQ:RELY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source