81,494 Shares in Remitly Global, Inc. $RELY Acquired by Odyssean LLC

Key Points

• Odyssean LLC acquired 81,494 Remitly Global shares during the second quarter, worth approximately $1.83 million. Institutional investors and hedge funds collectively own 74.25% of RELY.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $27.78; KeyCorp raised its target to $33 and Wolfe Research to $32.
• Remitly reported strong quarterly results, including $0.93 earnings per share versus the $0.12 estimate and $495.16 million in revenue, up 20.2% year over year. However, insiders sold roughly 490,096 shares worth $11.7 million during the quarter.

Odyssean LLC purchased a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 81,494 shares of the financial services provider's stock, valued at approximately $1,826,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Remitly Global by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider's stock worth $1,848,000 after acquiring an additional 3,870 shares in the last quarter. Millennium Management LLC lifted its position in Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider's stock valued at $7,142,000 after acquiring an additional 124,798 shares in the last quarter. Caxton Associates LLP bought a new stake in Remitly Global in the 1st quarter valued at $218,000. Focus Partners Wealth acquired a new position in Remitly Global in the 1st quarter worth $1,458,000. Finally, Cetera Investment Advisers boosted its stake in Remitly Global by 12.0% in the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider's stock worth $226,000 after purchasing an additional 1,286 shares during the period. Institutional investors and hedge funds own 74.25% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RELY shares. Weiss Ratings raised Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. KeyCorp upped their price objective on Remitly Global from $28.00 to $33.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Monness Crespi & Hardt reiterated a "buy" rating on shares of Remitly Global in a report on Thursday, August 6th. Wolfe Research lifted their target price on Remitly Global from $31.00 to $32.00 and gave the company an "outperform" rating in a research report on Tuesday. Finally, Citigroup restated an "outperform" rating on shares of Remitly Global in a research note on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $27.78.

Insider Buying and Selling

In related news, Director Nigel W. Morris sold 3,249 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $26.53, for a total transaction of $86,195.97. Following the completion of the transaction, the director directly owned 1,827,807 shares of the company's stock, valued at approximately $48,491,719.71. This represents a 0.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Phillip John Riese sold 69,818 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $23.54, for a total value of $1,643,515.72. Following the completion of the transaction, the director owned 261,094 shares of the company's stock, valued at approximately $6,146,152.76. This represents a 21.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 490,096 shares of company stock worth $11,711,588. Corporate insiders own 6.53% of the company's stock.

Remitly Global Trading Down 1.4%

Remitly Global stock opened at $26.22 on Wednesday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15. The company has a fifty day simple moving average of $23.68 and a 200 day simple moving average of $20.11. The company has a market cap of $5.55 billion, a P/E ratio of 18.86 and a beta of 0.34.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to analysts' expectations of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.03 EPS. On average, equities research analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current year.

About Remitly Global

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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