Bank of America Corp DE Has $80.76 Million Holdings in Remitly Global, Inc. $RELY

Key Points

• Bank of America increased its Remitly Global stake by 471.7% in the first quarter, purchasing 4.25 million additional shares. Its 5.15 million shares were valued at $80.76 million, representing 2.45% of RELY.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a consensus price target of $27.44; Goldman Sachs and Wolfe Research set targets of $30 and $31, respectively.
• Remitly reported strong quarterly results, earning $0.93 per share versus the $0.12 consensus estimate and generating $495.16 million in revenue, up 20.2% year over year.

Bank of America Corp DE raised its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 471.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,153,726 shares of the financial services provider's stock after buying an additional 4,252,294 shares during the quarter. Bank of America Corp DE owned 2.45% of Remitly Global worth $80,759,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Torren Management LLC acquired a new stake in shares of Remitly Global during the fourth quarter valued at approximately $25,000. Summit Securities Group LLC acquired a new position in Remitly Global in the 1st quarter worth approximately $26,000. Cullen Frost Bankers Inc. acquired a new position in Remitly Global in the 4th quarter worth approximately $28,000. HighMark Wealth Management LLC purchased a new position in Remitly Global during the 4th quarter worth approximately $35,000. Finally, EverSource Wealth Advisors LLC grew its position in Remitly Global by 140.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider's stock worth $36,000 after purchasing an additional 1,545 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Remitly Global

In other news, insider Pankaj Sharma sold 16,000 shares of the firm's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total transaction of $320,160.00. Following the transaction, the insider owned 767,810 shares in the company, valued at approximately $15,363,878.10. This trade represents a 2.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bora Chung sold 12,000 shares of the firm's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total transaction of $257,040.00. Following the transaction, the director owned 125,317 shares in the company, valued at $2,684,290.14. This represents a 8.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 136,005 shares of company stock worth $2,869,717 over the last quarter. 6.53% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on RELY shares. The Goldman Sachs Group increased their price target on shares of Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, July 9th. Citigroup reiterated an "outperform" rating on shares of Remitly Global in a research note on Thursday. Weiss Ratings upgraded shares of Remitly Global from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, June 3rd. Zacks Research lowered shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 20th. Finally, Wolfe Research restated an "outperform" rating and set a $31.00 price target on shares of Remitly Global in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $27.44.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $24.42 on Monday. The stock has a market cap of $5.17 billion, a price-to-earnings ratio of 17.57 and a beta of 0.34. The business has a 50 day simple moving average of $22.24 and a 200 day simple moving average of $19.12. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $27.15.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to analyst estimates 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 quarter last year, the firm earned $0.03 earnings per share. On average, analysts predict that Remitly Global, Inc. will post 0.62 EPS for the current year.

Remitly Global Profile

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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