Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 982,011 shares of the financial services provider's stock, valued at approximately $22,007,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.46% of Remitly Global as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in shares of Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider's stock worth $49,000 after buying an additional 677 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of Remitly Global by 0.5% in the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider's stock valued at $2,550,000 after purchasing an additional 679 shares during the period. Main Management ETF Advisors LLC grew its holdings in shares of Remitly Global by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider's stock valued at $1,329,000 after purchasing an additional 984 shares during the period. Empowered Funds LLC increased its position in Remitly Global by 2.9% during the first quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider's stock worth $589,000 after purchasing an additional 1,050 shares during the last quarter. Finally, New York State Teachers Retirement System increased its position in Remitly Global by 8.4% during the fourth quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider's stock worth $210,000 after purchasing an additional 1,184 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other news, Director Joshua Hug sold 5,500 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $23.65, for a total value of $130,075.00. Following the transaction, the director directly owned 2,675,389 shares in the company, valued at approximately $63,272,949.85. This represents a 0.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel W. Morris sold 3,249 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $26.53, for a total transaction of $86,195.97. Following the transaction, the director directly owned 1,827,807 shares of the company's stock, valued at $48,491,719.71. The trade was a 0.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 490,096 shares of company stock valued at $11,711,588. Company insiders own 6.53% of the company's stock.
Remitly Global Trading Down 1.4%
Shares of NASDAQ:RELY opened at $26.22 on Wednesday. The company has a market capitalization of $5.55 billion, a price-to-earnings ratio of 18.86 and a beta of 0.34. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.15. The business has a 50-day moving average price of $23.68 and a 200 day moving average price of $20.11.
Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.81. The company had revenue of $495.16 million for 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%. Remitly Global's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.03 earnings per share. As a group, equities research analysts predict that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several research firms have weighed in on RELY. Zacks Research upgraded shares of Remitly Global from a "hold" rating to a "strong-buy" rating in a report on Friday, August 14th. Citigroup restated an "outperform" rating on shares of Remitly Global in a report on Thursday, August 6th. Citizens Jmp lifted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a "market outperform" rating in a research report on Thursday, August 6th. KeyCorp lifted their price target on shares of Remitly Global from $28.00 to $33.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Finally, Wolfe Research upped their price objective on Remitly Global from $31.00 to $32.00 and gave the company an "outperform" rating in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $27.78.
Read Our Latest Research Report on RELY
Remitly Global Profile
(
Free Report)
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.
See Also
Want to see what other hedge funds are holding RELY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Remitly Global, Inc. (NASDAQ:RELY - Free Report).
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