Algert Global LLC Buys New Stake in Remitly Global, Inc. $RELY

Key Points

• Algert Global LLC acquired 77,470 Remitly shares during the second quarter, valued at approximately $1.74 million. Institutional investors collectively own 74.25% of the company.
• Analysts maintain a bullish outlook, with a consensus “Buy” rating and an average price target of $27.78; Cantor Fitzgerald and Goldman Sachs recently raised their targets to $30.
• Remitly beat quarterly earnings expectations, reporting $0.93 in EPS versus a $0.12 consensus and $495.16 million in revenue, up 20.2% year over year. However, insiders have sold $12.48 million of stock over the past 90 days.

Algert Global LLC bought a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 77,470 shares of the financial services provider's stock, valued at approximately $1,736,000.

Several other hedge funds also recently bought and sold shares of RELY. Summit Securities Group LLC acquired a new position in Remitly Global in the 1st quarter valued at about $26,000. Torren Management LLC acquired a new stake in shares of Remitly Global during the 4th quarter worth about $25,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Remitly Global during the fourth quarter worth about $28,000. GAMMA Investing LLC raised its position in shares of Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider's stock valued at $49,000 after buying an additional 677 shares during the last quarter. Finally, HighMark Wealth Management LLC acquired a new position in shares of Remitly Global in the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on RELY shares. Citigroup reaffirmed an "outperform" rating on shares of Remitly Global in a research report on Thursday, August 6th. Monness Crespi & Hardt reissued a "buy" rating on shares of Remitly Global in a research note on Thursday, August 6th. Cantor Fitzgerald raised their price target on Remitly Global from $28.00 to $30.00 and gave the stock an "overweight" rating in a research note on Monday, August 10th. The Goldman Sachs Group upped their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. Finally, Weiss Ratings upgraded shares of Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $27.78.

Insider Buying and Selling

In other Remitly Global news, Director Nigel W. Morris sold 16,751 shares of the business's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $26.56, for a total transaction of $444,906.56. Following the transaction, the director owned 1,811,056 shares in the company, valued at $48,101,647.36. The trade was a 0.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Vikas D. Mehta sold 25,000 shares of the company's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total value of $653,750.00. Following the completion of the sale, the chief financial officer directly owned 943,735 shares of the company's stock, valued at $24,678,670.25. The trade was a 2.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 515,371 shares of company stock valued at $12,480,565 in the last 90 days. 6.53% of the stock is currently owned by company insiders.

Remitly Global Stock Performance

RELY opened at $26.55 on Friday. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15. The firm has a 50 day moving average price of $23.99 and a 200 day moving average price of $20.34. The company has a market cap of $5.62 billion, a PE ratio of 19.10 and a beta of 0.34.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts' consensus estimates 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%. Remitly Global's revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.03 earnings per share. On average, sell-side analysts predict that Remitly Global, Inc. will post 0.85 earnings per share 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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