50,300 Shares in Remitly Global, Inc. $RELY Acquired by Strs Ohio

Strs Ohio bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 50,300 shares of the financial services provider's stock, valued at approximately $1,046,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Townsquare Capital LLC boosted its stake in Remitly Global by 2.5% in the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider's stock worth $393,000 after purchasing an additional 459 shares during the period. Xponance Inc. lifted its position in Remitly Global by 4.8% in the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock worth $237,000 after buying an additional 518 shares in the last quarter. Elequin Capital LP purchased a new stake in Remitly Global in the 1st quarter worth approximately $30,000. KBC Group NV lifted its position in Remitly Global by 29.8% in the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock worth $165,000 after buying an additional 1,823 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Remitly Global in the 1st quarter worth approximately $41,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday, September 7th. JMP Securities lowered their target price on shares of Remitly Global from $32.00 to $23.00 and set a "market outperform" rating on the stock in a research note on Monday. Finally, KeyCorp restated an "overweight" rating and issued a $28.00 price target (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $27.88.

Insider Buying and Selling at Remitly Global

In related news, Director Phillip John Riese sold 5,000 shares of the business's stock in a transaction that occurred on 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 directly owned 112,496 shares of the company's stock, valued at $2,249,920. The trade was a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total transaction of $251,994.24. Following the transaction, the chief executive officer owned 4,212,849 shares of the company's stock, valued at approximately $72,798,030.72. This represents a 0.34% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 79,360 shares of company stock valued at $1,477,749. 7.50% of the stock is currently owned by corporate insiders.

Remitly Global Trading Down 0.7%

Shares of NASDAQ RELY opened at $17.31 on Friday. The company has a market cap of $3.57 billion, a PE ratio of 288.55 and a beta of 0.13. The company has a 50-day moving average of $18.12 and a two-hundred day moving average of $19.71. 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 posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.14). The business had revenue of $411.85 million for the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The company's quarterly revenue was up 34.4% on a year-over-year basis. During the same period last year, the firm earned ($0.06) earnings per share. As a group, equities research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Remitly Global 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.