Capelight Capital Asset Management LP Acquires New Position in Remitly Global, Inc. $RELY

Key Points

• Capelight Capital acquired 100,000 shares of Remitly Global (≈$1.38M) in Q4, making the stock about 1.1% of its portfolio and its 22nd-largest holding.
• Analysts maintain a consensus "Buy" on Remitly with an average price target of $22.78, and several firms (including Goldman Sachs and Cantor Fitzgerald) recently raised targets while BofA initiated coverage at $18.
• Remitly beat Q4 expectations with $0.19 EPS vs $0.02 consensus and revenue of $442.2M (up 25.7% year-over-year), signaling continued top-line growth.

Capelight Capital Asset Management LP acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 100,000 shares of the financial services provider's stock, valued at approximately $1,380,000. Remitly Global accounts for approximately 1.1% of Capelight Capital Asset Management LP's portfolio, making the stock its 22nd biggest position.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in shares of Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 1,628 shares during the period. Essex Investment Management Co. LLC bought a new position in shares of Remitly Global during the 3rd quarter valued at approximately $33,000. First Horizon Corp bought a new position in shares of Remitly Global during the 3rd quarter valued at approximately $36,000. Quarry LP bought a new position in shares of Remitly Global during the 3rd quarter valued at approximately $42,000. Finally, Exchange Traded Concepts LLC grew its stake in shares of Remitly Global by 29.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider's stock valued at $50,000 after acquiring an additional 714 shares during the period. 74.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on RELY shares. The Goldman Sachs Group boosted their price objective on Remitly Global from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday, February 19th. Wall Street Zen downgraded Remitly Global from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 28th. Cantor Fitzgerald boosted their price target on Remitly Global from $17.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, February 19th. Bank of America assumed coverage on Remitly Global in a report on Tuesday, February 10th. They issued a "buy" rating and a $18.00 price target on the stock. Finally, JPMorgan Chase & Co. lowered their price target on Remitly Global from $23.00 to $22.00 and set an "overweight" rating on the stock in a report on Tuesday, January 20th. Two equities research 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 stock. According to data from MarketBeat, Remitly Global has a consensus rating of "Buy" and a consensus price target of $22.78.

Insider Buying and Selling at Remitly Global

In other news, CFO Vikas D. Mehta sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $17.50, for a total transaction of $437,500.00. Following the sale, the chief financial officer directly owned 862,759 shares of the company's stock, valued at $15,098,282.50. This represents a 2.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joshua Hug sold 29,049 shares of the company's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $17.98, for a total value of $522,301.02. Following the sale, the director directly owned 3,575,733 shares in the company, valued at $64,291,679.34. This trade represents a 0.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 12,084,720 shares of company stock worth $193,194,734. Company insiders own 8.10% of the company's stock.

Remitly Global Stock Up 3.5%

NASDAQ RELY opened at $17.92 on Wednesday. The stock's 50 day moving average is $15.65 and its 200 day moving average is $14.78. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $24.70. The stock has a market cap of $3.77 billion, a PE ratio of 57.81, a P/E/G ratio of 0.61 and a beta of 0.09.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The company had revenue of $442.18 million for the quarter, compared to analysts' expectations of $427.27 million. During the same period in the previous year, the firm earned ($0.03) EPS. The firm's revenue was up 25.7% compared to the same quarter last year. Research analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal 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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