Baillie Gifford & Co. Grows Position in Remitly Global, Inc. $RELY

Key Points

• Baillie Gifford increased its position in Remitly by 48.2% in Q4 to 11,658,558 shares—about 5.58% of the company, valued at roughly $160.9 million.
• Insiders sold a sizeable amount recently—12,084,720 shares worth ~$193.2 million over the last quarter—though company insiders still own 7.5% and institutional ownership is about 74.25%.
• Analysts are broadly positive with a consensus "Buy" and an average price target of $22.78, and Remitly recently beat quarterly estimates (EPS $0.19 vs $0.02) with revenue up 25.7% year-over-year to $442.2 million.

Baillie Gifford & Co. raised its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 48.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,658,558 shares of the financial services provider's stock after buying an additional 3,790,210 shares during the quarter. Baillie Gifford & Co. owned about 5.58% of Remitly Global worth $160,888,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. LB Partners LLC lifted its position in Remitly Global by 60.4% during the third quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider's stock valued at $16,554,000 after acquiring an additional 382,314 shares during the last quarter. Renaissance Group LLC boosted its holdings in Remitly Global by 52.0% in the third quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider's stock worth $8,069,000 after acquiring an additional 169,271 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Remitly Global by 5.1% in the third quarter. JPMorgan Chase & Co. now owns 2,138,754 shares of the financial services provider's stock worth $34,862,000 after buying an additional 104,716 shares during the last quarter. Compagnie Lombard Odier SCmA purchased a new position in shares of Remitly Global in the fourth quarter worth $1,380,000. Finally, Neo Ivy Capital Management purchased a new position in shares of Remitly Global in the third quarter worth $1,603,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Remitly Global news, insider Pankaj Sharma sold 10,000 shares of Remitly Global stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $15.26, for a total value of $152,600.00. Following the completion of the sale, the insider directly owned 665,878 shares of the company's stock, valued at approximately $10,161,298.28. The trade was a 1.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 completion of the sale, the insider owned 1,180,119 shares of the company's stock, valued at $19,991,215.86. This trade represents a 0.82% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 12,084,720 shares of company stock valued at $193,194,734. Company insiders own 7.50% of the company's stock.

Analysts Set New Price Targets

RELY has been the subject of several research analyst reports. Cantor Fitzgerald raised their price objective on Remitly Global from $17.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, February 19th. Zacks Research raised shares of Remitly Global from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 20th. Bank of America assumed coverage on shares of Remitly Global in a research note on Tuesday, February 10th. They set a "buy" rating and a $18.00 price objective for the company. Freedom Capital upgraded Remitly Global to a "strong-buy" rating in a report on Wednesday, April 1st. Finally, Oppenheimer set a $20.00 target price on Remitly Global in a report on Thursday, February 19th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $22.78.

Remitly Global Price Performance

Shares of RELY opened at $16.86 on Monday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.70. The stock has a market cap of $3.55 billion, a PE ratio of 54.39, a price-to-earnings-growth ratio of 0.60 and a beta of 0.09. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. The firm has a fifty day moving average price of $15.46 and a 200 day moving average price of $14.77.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.17. The business had revenue of $442.18 million during the quarter, compared to analysts' expectations of $427.27 million. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The business's revenue was up 25.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.03) earnings per share. As a group, sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 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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