Graham Capital Management L.P. Acquires New Holdings in Remitly Global, Inc. $RELY

Key Points

• Graham Capital Management L.P. has acquired 42,322 shares of Remitly Global, Inc., worth approximately $880,000, marking a significant investment in the financial services provider.
• Multiple hedge funds have increased their stakes in Remitly Global, with First Trust Advisors LP growing its position by 33.1% and AQR Capital Management LLC by 338.7% in the fourth quarter.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for Remitly Global, with a current price target average of $29.00, indicating optimism about the company's future performance.

Graham Capital Management L.P. acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 42,322 shares of the financial services provider's stock, valued at approximately $880,000.

Other institutional investors have also recently made changes to their positions in the company. Elequin Capital LP acquired a new position in shares of Remitly Global in the first quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Remitly Global during the 1st quarter worth approximately $41,000. Exchange Traded Concepts LLC acquired a new position in Remitly Global during the 1st quarter worth approximately $46,000. Caitong International Asset Management Co. Ltd acquired a new position in Remitly Global during the 1st quarter worth approximately $66,000. Finally, KBC Group NV grew its holdings in Remitly Global by 29.8% during the 1st 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 in the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Stock Performance

Remitly Global stock traded up $0.34 during trading hours on Tuesday, reaching $20.27. 2,674,362 shares of the stock were exchanged, compared to its average volume of 2,982,163. The stock has a market cap of $4.18 billion, a P/E ratio of 337.94 and a beta of 0.13. Remitly Global, Inc. has a 52-week low of $12.43 and a 52-week high of $27.32. The firm's 50 day moving average is $18.17 and its 200 day moving average is $19.98.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $411.85 million for the quarter, compared to analysts' expectations of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The firm's quarterly revenue was up 34.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.06) EPS. Equities research analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RELY. Barclays upped their target price on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Wall Street Zen upgraded shares of Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday. Finally, KeyCorp restated an "overweight" rating and issued a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $29.00.

Insider Activity at Remitly Global

In other news, insider Pankaj Sharma sold 5,000 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $19.71, for a total value of $98,550.00. Following the completion of the transaction, the insider owned 186,926 shares in the company, valued at $3,684,311.46. This trade represents a 2.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total transaction of $251,994.24. Following the completion of the transaction, the chief executive officer owned 4,212,849 shares of the company's stock, valued at $72,798,030.72. This represents a 0.34% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 79,360 shares of company stock worth $1,477,749. 8.10% of the stock is owned by company insiders.

Remitly Global Company Profile

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.