BlackRock Inc. Takes $410.75 Million Position in Remitly Global, Inc. $RELY

Key Points

• BlackRock acquired 18.33 million Remitly Global shares worth approximately $410.75 million, giving it an 8.70% stake. Institutional investors collectively own 74.25% of RELY.
• Analysts remain broadly bullish, with an average “Buy” rating and a consensus price target of $27.78; several firms recently raised their targets to between $30 and $33.
• Remitly reported quarterly EPS of $0.93 versus the $0.12 consensus estimate, while revenue rose 20.2% year over year to $495.16 million. The stock opened at $26.22, near its 52-week high of $27.15.

BlackRock Inc. acquired a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 18,328,953 shares of the financial services provider's stock, valued at approximately $410,752,000. BlackRock Inc. owned about 8.70% of Remitly Global as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Marshall Wace LLP lifted its position in Remitly Global by 30.4% during the fourth quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider's stock valued at $82,741,000 after acquiring an additional 1,396,568 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider's stock worth $90,530,000 after purchasing an additional 2,567,446 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Remitly Global by 471.7% during the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider's stock valued at $80,759,000 after purchasing an additional 4,252,294 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Remitly Global by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider's stock valued at $57,278,000 after purchasing an additional 67,700 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Remitly Global by 4.7% in the 4th quarter. State Street Corp now owns 3,785,052 shares of the financial services provider's stock worth $52,234,000 after purchasing an additional 168,942 shares in the last quarter. Institutional investors own 74.25% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on RELY shares. KeyCorp boosted their target price on Remitly Global from $28.00 to $33.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Cantor Fitzgerald increased their price target on Remitly Global from $28.00 to $30.00 and gave the company an "overweight" rating in a research note on Monday, August 10th. Citizens Jmp raised their price target on Remitly Global from $30.00 to $32.00 and gave the stock a "market outperform" rating in a report on Thursday, August 6th. Monness Crespi & Hardt restated a "buy" rating on shares of Remitly Global in a research note on Thursday, August 6th. Finally, Citigroup restated an "outperform" rating on shares of Remitly Global in a report on Thursday, August 6th. Two research 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. Based on data from MarketBeat.com, Remitly Global currently has an average rating of "Buy" and a consensus price target of $27.78.

Insider Buying and Selling

In other news, insider Pankaj Sharma sold 16,000 shares of the company's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the sale, the insider owned 767,810 shares in the company, valued at $15,363,878.10. This represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel W. Morris sold 20,000 shares of the company's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $26.20, for a total value of $524,000.00. Following the completion of the sale, the director owned 1,851,056 shares in the company, valued at $48,497,667.20. The trade was a 1.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 490,096 shares of company stock worth $11,711,588. Corporate insiders own 6.53% of the company's stock.

Remitly Global Price Performance

NASDAQ:RELY opened at $26.22 on Wednesday. The company's fifty day moving average price is $23.68 and its 200-day moving average price is $20.11. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15. The firm has a market capitalization of $5.55 billion, a P/E ratio of 18.86 and a beta of 0.34.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.12 by $0.81. The company 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 firm's revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.03 earnings per share. Equities analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Remitly Global Company 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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