Strs Ohio Makes New Investment in Remitly Global, Inc. $RELY

Key Points

• Strs Ohio acquired 50,300 shares of Remitly Global, Inc. valued at approximately $1,046,000 in the first quarter, indicating significant institutional interest in the stock.
• Wall Street analysts have upgraded Remitly Global to a "buy" rating, while the average price target for the stock is set at $27.88.
• Remitly Global reported a 34.4% year-over-year revenue increase in its latest earnings results, although it missed earnings per share estimates, reporting $0.04 instead of the anticipated $0.18.

Strs Ohio acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 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 also recently bought and sold shares of the stock. Elequin Capital LP bought a new position in shares of Remitly Global during the first quarter worth about $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Remitly Global during the first quarter worth approximately $41,000. Exchange Traded Concepts LLC bought a new position in Remitly Global during the first quarter valued at about $46,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Remitly Global in the 1st quarter worth approximately $66,000. Finally, Flaharty Asset Management LLC acquired a new position in Remitly Global in the first quarter worth approximately $94,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Remitly Global Stock Performance

Remitly Global stock traded down $0.07 on Monday, reaching $17.04. The company's stock had a trading volume of 3,357,852 shares, compared to its average volume of 3,449,096. The company has a market cap of $3.51 billion, a price-to-earnings ratio of 284.05 and a beta of 0.13. Remitly Global, Inc. has a twelve month low of $12.43 and a twelve month high of $27.32. The business's fifty day moving average price is $18.10 and its 200 day moving average price is $19.61.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its 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). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The firm had revenue of $411.85 million for the quarter, compared to the consensus estimate of $384.59 million. During the same quarter in the previous year, the firm earned ($0.06) EPS. The company's revenue was up 34.4% compared to the same quarter last year. As a group, equities analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Activity at Remitly Global

In related news, Director Joshua Hug sold 40,777 shares of Remitly Global stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $18.41, for a total value of $750,704.57. Following the sale, the director owned 3,654,288 shares of the company's stock, valued at approximately $67,275,442.08. The trade was a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total transaction of $251,994.24. Following the sale, the chief executive officer directly owned 4,212,849 shares in the company, valued at $72,798,030.72. This trade represents a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 79,360 shares of company stock valued at $1,477,749 in the last quarter. 8.10% of the stock is currently owned by company insiders.

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.