American Century Companies Inc. Acquires Shares of 57,739 Remitly Global, Inc. $RELY

Key Points

• American Century Companies Inc. acquired 57,739 shares of Remitly Global, Inc. valued at approximately $1.2 million during the first quarter of the year.
• Remitly Global reported a net margin of 0.96% and a year-over-year revenue increase of 34.4%, but missed earnings per share estimates.
• Analysts have given Remitly Global a consensus rating of "Moderate Buy" with an average price target of $29, following recent upgrades by several investment firms.

American Century Companies Inc. acquired a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 57,739 shares of the financial services provider's stock, valued at approximately $1,201,000.

Other institutional investors have also added to or reduced their stakes in the company. First Trust Advisors LP lifted its position in shares of Remitly Global by 33.1% in the fourth quarter. First Trust Advisors LP now owns 46,255 shares of the financial services provider's stock valued at $1,044,000 after acquiring an additional 11,512 shares in the last quarter. Stifel Financial Corp increased its stake in Remitly Global by 10.4% during the 4th quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock worth $1,290,000 after buying an additional 5,390 shares during the period. Northern Trust Corp lifted its stake in Remitly Global by 16.8% during the fourth quarter. Northern Trust Corp now owns 1,505,543 shares of the financial services provider's stock worth $33,980,000 after purchasing an additional 216,418 shares during the last quarter. AQR Capital Management LLC increased its stake in Remitly Global by 338.7% in the fourth quarter. AQR Capital Management LLC now owns 277,889 shares of the financial services provider's stock valued at $6,272,000 after purchasing an additional 214,547 shares during the period. Finally, Schonfeld Strategic Advisors LLC boosted its position in shares of Remitly Global by 58.3% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 63,800 shares of the financial services provider's stock worth $1,440,000 after buying an additional 23,497 shares in the last quarter. Institutional investors own 74.25% of the company's stock.

Insider Activity at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 40,777 shares of Remitly Global stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $18.41, for a total value of $750,704.57. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the transaction, the director directly owned 112,496 shares in the company, valued at approximately $2,249,920. This represents a 4.26% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,360 shares of company stock worth $1,579,449. Company insiders own 8.10% of the company's stock.

Remitly Global Price Performance

Remitly Global stock traded up $0.27 during mid-day trading on Monday, reaching $19.76. 1,792,411 shares of the company traded hands, compared to its average volume of 2,972,447. The firm's 50 day moving average price is $18.15 and its 200 day moving average price is $20.01. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of 329.30 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.

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 the consensus estimate of $0.18 by ($0.14). The company had revenue of $411.85 million during 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 business's quarterly revenue was up 34.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.06) EPS. On average, sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RELY. Wall Street Zen upgraded shares of Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday. KeyCorp reissued an "overweight" rating and issued a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Finally, Barclays boosted their price target on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Eight equities research 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 stock has an average rating of "Moderate Buy" and a consensus price target of $29.00.

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.