Canada Pension Plan Investment Board Takes Position in Remitly Global, Inc. $RELY

Key Points

• Canada Pension Plan Investment Board acquired 512,800 Remitly Global shares worth approximately $11.5 million, giving it a 0.24% stake; institutional investors collectively own 74.25% of the company.
• Remitly reported quarterly EPS of $0.93, exceeding the $0.12 analyst consensus, while revenue rose 20.2% year over year to $495.16 million.
• Analysts maintain a broadly positive outlook, with a consensus “Buy” rating and a $27.78 price target, although insiders have sold approximately $12.5 million of stock over the past 90 days.

Canada Pension Plan Investment Board acquired a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 512,800 shares of the financial services provider's stock, valued at approximately $11,492,000. Canada Pension Plan Investment Board owned about 0.24% of Remitly Global at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Torren Management LLC acquired a new position in Remitly Global during the 4th quarter valued at $25,000. Summit Securities Group LLC bought a new stake in Remitly Global in the 1st quarter valued at $26,000. Cullen Frost Bankers Inc. acquired a new stake in Remitly Global in the 4th quarter worth $28,000. HighMark Wealth Management LLC acquired a new stake in Remitly Global in the 4th quarter worth $35,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of 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 during the period. Institutional investors own 74.25% of the company's stock.

Insider Buying and Selling at Remitly Global

In related news, Director Nigel W. Morris sold 16,751 shares of the company's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $26.56, for a total value of $444,906.56. Following the sale, the director owned 1,811,056 shares of the company's stock, valued at $48,101,647.36. The trade was a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Phillip John Riese sold 69,818 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $23.54, for a total transaction of $1,643,515.72. Following the completion of the transaction, the director directly owned 261,094 shares of the company's stock, valued at $6,146,152.76. This trade represents a 21.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 515,371 shares of company stock valued at $12,480,565 in the last 90 days. Insiders own 6.53% of the company's stock.

Remitly Global Price Performance

RELY opened at $26.55 on Friday. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.15. The firm's fifty day moving average price is $23.99 and its two-hundred day moving average price is $20.34. The company has a market capitalization of $5.62 billion, a P/E ratio of 19.10 and a beta of 0.34.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.81. The company had revenue of $495.16 million during the quarter, compared to analysts' expectations of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business's revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.03 EPS. On average, equities research analysts expect that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on RELY. Wolfe Research upped their price objective on shares of Remitly Global from $31.00 to $32.00 and gave the company an "outperform" rating in a research report on Tuesday. Citizens Jmp lifted their target price on Remitly Global from $30.00 to $32.00 and gave the stock a "market outperform" rating in a research report on Thursday, August 6th. Citigroup reissued an "outperform" rating on shares of Remitly Global in a research report on Thursday, August 6th. Weiss Ratings upgraded Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Finally, The Goldman Sachs Group upped their price target on Remitly Global from $27.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Remitly Global has a consensus rating of "Buy" and a consensus price target of $27.78.

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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