14,627 Shares in Remitly Global, Inc. $RELY Purchased by Ascent Group LLC

Key Points

• Ascent Group LLC acquired 14,627 shares of Remitly Global, Inc. ($RELY) in Q1, amounting to approximately $304,000.
• CEO Matthew B. Oppenheimer sold 14,583 shares for about $251,994, reducing his ownership stake in the company.
• Research analysts have issued a consensus rating of "Moderate Buy" for Remitly Global, with an increased target price of $29.00.

Ascent Group LLC acquired a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 14,627 shares of the financial services provider's stock, valued at approximately $304,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Townsquare Capital LLC boosted its holdings in Remitly Global by 2.5% in the first quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider's stock worth $393,000 after purchasing an additional 459 shares during the period. Xponance Inc. lifted its stake in Remitly Global by 4.8% in the first quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock valued at $237,000 after buying an additional 518 shares during the last quarter. Comerica Bank lifted its stake in Remitly Global by 2.1% in the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock valued at $577,000 after buying an additional 534 shares during the last quarter. Elequin Capital LP bought a new stake in Remitly Global in the first quarter valued at $30,000. Finally, KBC Group NV lifted its stake in Remitly Global by 29.8% in the first quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock valued at $165,000 after buying an additional 1,823 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wall Street Zen upgraded Remitly Global from a "hold" rating to a "buy" rating in a research note 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. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $29.00.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 40,777 shares of the company's stock in a transaction dated 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 directly owned 3,654,288 shares of the company's stock, valued at approximately $67,275,442.08. This represents a 1.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00. Following the completion of the sale, the director directly owned 112,496 shares of the company's stock, valued at $2,249,920. The trade was a 4.26% 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 over the last 90 days. Insiders own 7.50% of the company's stock.

Remitly Global Price Performance

Shares of NASDAQ RELY traded down $0.48 during midday trading on Friday, reaching $18.16. 1,852,092 shares of the company traded hands, compared to its average volume of 3,124,878. Remitly Global, Inc. has a 52 week low of $12.43 and a 52 week high of $27.32. The stock has a 50-day moving average price of $18.22 and a 200 day moving average price of $19.84. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 302.72 and a beta of 0.13.

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

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.