14,627 Shares in Remitly Global, Inc. $RELY Bought 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 purchased a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,627 shares of the financial services provider's stock, valued at approximately $304,000.

A number of other large investors also recently bought and sold shares of RELY. Elequin Capital LP bought a new stake in shares of Remitly Global during the first quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Remitly Global during the first quarter worth approximately $41,000. Exchange Traded Concepts LLC bought a new stake in shares of Remitly Global during the first quarter valued at approximately $46,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Remitly Global in the first quarter valued at approximately $66,000. Finally, KBC Group NV increased its holdings in Remitly Global by 29.8% during the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock worth $165,000 after purchasing an additional 1,823 shares during the period. Hedge funds and other institutional investors own 74.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RELY. JMP Securities lowered their target price on Remitly Global from $32.00 to $23.00 and set a "market outperform" rating for the company in a report on Monday. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday, September 7th. Finally, KeyCorp reaffirmed an "overweight" rating and issued a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and one has assigned 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 target price of $27.88.

Remitly Global Stock Up 0.5%

Shares of Remitly Global stock traded up $0.09 on Wednesday, hitting $17.29. 472,195 shares of the company were exchanged, compared to its average volume of 2,998,790. The company has a 50-day moving average price of $18.16 and a 200 day moving average price of $19.77. The stock has a market capitalization of $3.56 billion, a price-to-earnings ratio of 288.80 and a beta of 0.13. Remitly Global, Inc. has a 1-year low of $12.43 and a 1-year 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 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The company had revenue of $411.85 million for the quarter, compared to analysts' expectations of $384.59 million. During the same quarter in the prior year, the firm earned ($0.06) EPS. The firm's revenue was up 34.4% on a year-over-year basis. Research analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insiders Place Their Bets

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of the company's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the transaction, the director directly owned 112,496 shares in the company, valued at $2,249,920. This represents a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the sale, the insider directly owned 182,926 shares in the company, valued at $3,658,520. This represents a 2.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold 79,360 shares of company stock worth $1,477,749 in the last three months. 8.10% of the stock is owned by insiders.

Remitly Global Profile

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.