Bank of America Corp DE Makes New Investment in Remitly Global, Inc. $RELY

Key Points

• Bank of America acquired 1.24 million Remitly Global shares in the second quarter, worth approximately $27.8 million and representing about 0.59% of the company. Institutional investors collectively own 74.25% of Remitly.
• Remitly reported strong quarterly results, with $0.93 in earnings per share versus the $0.12 consensus estimate and revenue of $495.16 million, up 20.2% year over year.
• Analysts remain bullish: the stock has a consensus “Buy” rating and an average price target of $27.78, while several firms recently raised their targets to between $30 and $33.

Bank of America Corp DE acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 1,238,581 shares of the financial services provider's stock, valued at approximately $27,757,000. Bank of America Corp DE owned approximately 0.59% of Remitly Global at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of RELY. BlackRock Inc. bought a new stake in Remitly Global during the second quarter worth about $410,752,000. Generation Investment Management LLP bought a new position in Remitly Global in the second quarter valued at approximately $109,637,000. Lead Edge Capital Management LLC bought a new position in Remitly Global in the second quarter valued at approximately $60,232,971. Capital International Investors acquired a new position in shares of Remitly Global during the 4th quarter worth approximately $24,328,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Remitly Global during the 2nd quarter worth approximately $22,855,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Insider Buying and Selling

In other news, Director Nigel W. Morris sold 6,300 shares of the company's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $27.03, for a total transaction of $170,289.00. Following the completion of the sale, the director directly owned 1,804,756 shares in the company, valued at approximately $48,782,554.68. This represents a 0.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Phillip Riese sold 69,818 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $23.54, for a total value of $1,643,515.72. Following the sale, the director directly owned 261,094 shares in the company, valued at approximately $6,146,152.76. This trade represents a 21.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 490,038 shares of company stock valued at $12,132,406 in the last quarter. Corporate insiders own 6.53% of the company's stock.

Remitly Global Price Performance

Shares of NASDAQ RELY opened at $21.28 on Wednesday. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of 15.31 and a beta of 0.36. The stock's fifty day moving average price is $24.31 and its two-hundred day moving average price is $21.40. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $27.48.

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, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business had revenue of $495.16 million during the quarter, compared to analysts' expectations of $486.25 million. During the same quarter in the previous year, the company earned $0.03 EPS. The business's revenue was up 20.2% on a year-over-year basis. On average, equities analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RELY shares. Cantor Fitzgerald raised their target price on shares of Remitly Global from $28.00 to $30.00 and gave the company an "overweight" rating in a research note on Monday, August 10th. Wolfe Research upped their price target on shares of Remitly Global from $31.00 to $32.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 25th. Monness Crespi & Hardt reiterated a "buy" rating on shares of Remitly Global in a research note on Thursday, August 6th. KeyCorp lifted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Finally, Zacks Research upgraded shares of Remitly Global from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $27.78.

Remitly Global Company Profile

Remitly Global, Inc is a digital financial services company that provides international money transfer services. Through its mobile application and website, customers can send funds to family and friends in other countries using bank deposits, mobile wallets, cash pickup, and other local delivery options, depending on the destination.

The company focuses on serving immigrants and other customers who regularly send money across borders. Remitly emphasizes a digital-first experience with features such as transfer tracking, multiple delivery methods, localized payment options, and customer support.

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