641,454 Shares in Remitly Global, Inc. $RELY Bought by First Eagle Investment Management LLC

Key Points

• First Eagle Investment Management bought 641,454 shares of Remitly Global in the fourth quarter, worth about $8.85 million, and now owns roughly 0.31% of the company.
• Remitly reported better-than-expected first-quarter earnings, posting $0.23 EPS versus $0.12 expected and revenue of $452.8 million, up 25.2% year over year.
• Analysts remain generally bullish: the stock has an average rating of Moderate Buy with an average price target of $24.63, while shares recently traded near $23.86 after hitting a 52-week high of $24.92.

First Eagle Investment Management LLC purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 641,454 shares of the financial services provider's stock, valued at approximately $8,852,000. First Eagle Investment Management LLC owned approximately 0.31% of Remitly Global at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. 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 worth $210,000 after acquiring an additional 1,184 shares in the last quarter. Pekin Hardy Strauss Inc. raised its stake in Remitly Global by 581.8% during the 4th quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider's stock worth $1,693,000 after acquiring an additional 104,716 shares in the last quarter. Torren Management LLC acquired a new stake in Remitly Global during the 4th quarter worth $25,000. Quent Capital LLC acquired a new stake in Remitly Global during the 4th quarter worth $414,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its stake in Remitly Global by 44.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider's stock worth $13,166,000 after acquiring an additional 292,991 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Weiss Ratings upgraded shares of Remitly Global from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, February 20th. KeyCorp lifted their price target on shares of Remitly Global from $21.00 to $23.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 21st. Wall Street Zen lowered shares of Remitly Global from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 28th. Cantor Fitzgerald lifted their price target on shares of Remitly Global from $24.00 to $28.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, Freedom Capital upgraded shares of Remitly Global to a "strong-buy" rating in a research note on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $24.63.

Remitly Global Stock Down 1.7%

Shares of NASDAQ:RELY opened at $23.86 on Wednesday. The company has a market cap of $5.02 billion, a price-to-earnings ratio of 48.69 and a beta of 0.40. The firm's 50-day simple moving average is $18.27 and its 200-day simple moving average is $15.54. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $24.92.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.11. The business had revenue of $452.80 million for the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business's quarterly revenue was up 25.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 earnings per share. On average, research analysts forecast that Remitly Global, Inc. will post 0.67 EPS for the current year.

Insiders Place Their Bets

In other news, insider Ankur Sinha sold 9,741 shares of Remitly Global stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $16.94, for a total value of $165,012.54. Following the sale, the insider owned 1,180,119 shares of the company's stock, valued at $19,991,215.86. The trade was a 0.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Pankaj Sharma sold 10,000 shares of Remitly Global stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $20.00, for a total transaction of $200,000.00. Following the completion of the sale, the insider directly owned 665,878 shares in the company, valued at approximately $13,317,560. The trade was a 1.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 12,161,520 shares of company stock valued at $194,745,702. Corporate insiders own 6.53% of the company's stock.

Remitly Global Company Profile

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.

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