Capital Fund Management S.A. Buys Shares of 126,285 Remitly Global, Inc. $RELY

Key Points

• Capital Fund Management S.A. has acquired 126,285 shares of Remitly Global, Inc. in the 1st quarter, valued at approximately $2.6 million, representing around 0.06% of the company.
• Multiple analysts have upgraded Remitly Global's stock, with a consensus rating of "Moderate Buy" and an average price target of $29.00.
• The recent quarterly earnings report shows Remitly Global reported earnings of $0.04 per share, missing the consensus estimate, while revenue increased by 34.4% year-over-year.

Capital Fund Management S.A. bought a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 126,285 shares of the financial services provider's stock, valued at approximately $2,627,000. Capital Fund Management S.A. owned 0.06% of Remitly Global as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of the business. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Remitly Global in the first quarter valued at about $41,000. Elequin Capital LP bought a new stake in shares of Remitly Global in the first quarter valued at about $30,000. Versor Investments LP boosted its position in shares of Remitly Global by 14.4% in the first quarter. Versor Investments LP now owns 30,100 shares of the financial services provider's stock valued at $626,000 after acquiring an additional 3,800 shares during the period. American Century Companies Inc. bought a new stake in shares of Remitly Global in the first quarter valued at about $1,201,000. Finally, Lord Abbett & CO. LLC boosted its position in shares of Remitly Global by 103.8% in the first quarter. Lord Abbett & CO. LLC now owns 1,743,496 shares of the financial services provider's stock valued at $36,265,000 after acquiring an additional 887,859 shares during the period. Institutional investors own 74.25% of the company's stock.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total value of $251,994.24. Following the completion of the transaction, the chief executive officer owned 4,212,849 shares of the company's stock, valued at $72,798,030.72. This represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Pankaj Sharma sold 5,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $19.71, for a total value of $98,550.00. Following the completion of the transaction, the insider directly owned 186,926 shares of the company's stock, valued at $3,684,311.46. This represents a 2.61% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,583 shares of company stock worth $828,744. 7.50% of the stock is owned by corporate insiders.

Remitly Global Trading Down 0.7%

NASDAQ RELY traded down $0.14 during trading on Friday, hitting $18.35. 1,481,657 shares of the company's stock were exchanged, compared to its average volume of 2,958,636. The company has a market cap of $3.78 billion, a PE ratio of 305.80 and a beta of 0.12. Remitly Global, Inc. has a fifty-two week low of $12.43 and a fifty-two week high of $27.32. The stock's 50 day moving average price is $18.21 and its two-hundred day moving average price is $20.39.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). The business had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The firm's revenue was up 34.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) EPS. Analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RELY. Monness Crespi & Hardt boosted their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Barclays upped their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. The Goldman Sachs Group upped their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday, August 17th. Finally, KeyCorp reaffirmed an "overweight" rating and set a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $29.00.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.