Compagnie Lombard Odier SCmA Invests $938,000 in Remitly Global, Inc. $RELY

Key Points

• Compagnie Lombard Odier SCmA invested approximately $938,000 in Remitly Global, acquiring 50,000 shares during the second quarter.
• Insider Pankaj Sharma sold 5,000 shares of Remitly Global, decreasing their ownership by 2.61%, while insider Joshua Hug sold 40,777 shares, leading to a 1.10% reduction in their equity stake.
• Equity analysts have mixed views on Remitly Global, with the average target price set at $27.88 and ratings ranging from "Buy" to "Hold".

Compagnie Lombard Odier SCmA purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 50,000 shares of the financial services provider's stock, valued at approximately $938,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Townsquare Capital LLC lifted its holdings in shares of Remitly Global by 2.5% during the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider's stock worth $393,000 after acquiring an additional 459 shares during the period. Xponance Inc. increased its position in Remitly Global by 4.8% during the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock worth $237,000 after purchasing an additional 518 shares in the last quarter. Elequin Capital LP acquired a new position in Remitly Global during the 1st quarter worth approximately $30,000. KBC Group NV increased its position in Remitly Global by 29.8% during the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock worth $165,000 after purchasing an additional 1,823 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in Remitly Global during the 1st quarter worth approximately $41,000. Institutional investors own 74.25% of the company's stock.

Insider Activity at Remitly Global

In related news, insider Pankaj Sharma sold 5,000 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $19.71, for a total transaction of $98,550.00. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joshua Hug sold 40,777 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $18.41, for a total transaction of $750,704.57. Following the transaction, the director directly owned 3,654,288 shares in the company, valued at approximately $67,275,442.08. This represents a 1.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,360 shares of company stock valued at $1,477,749 in the last ninety days. Insiders own 8.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. JMP Securities lowered their price objective on shares of Remitly Global from $32.00 to $23.00 and set a "market outperform" rating for the company in a research report on Monday, September 15th. KeyCorp reiterated an "overweight" rating and set a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday, September 7th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $27.88.

Remitly Global Stock Down 0.4%

Shares of NASDAQ RELY opened at $17.04 on Tuesday. The firm has a market cap of $3.51 billion, a PE ratio of 284.05 and a beta of 0.13. Remitly Global, Inc. has a 12-month low of $12.43 and a 12-month high of $27.32. The company's fifty day simple moving average is $18.10 and its 200 day simple moving average is $19.61.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.14). The company had revenue of $411.85 million for the quarter, compared to the consensus estimate 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 prior year, the company earned ($0.06) earnings per share. On average, equities analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

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.

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