Cubist Systematic Strategies LLC Makes New Investment in Remitly Global, Inc. $RELY

Key Points

• Cubist Systematic Strategies LLC purchased 119,036 shares of Remitly Global, Inc. for approximately $2.48 million in the first quarter, increasing its stake to about 0.06% of the company.
• Barclays and KeyCorp have raised their price targets for Remitly stock, with Barclays setting a new target at $27.00 and KeyCorp at $28.00, reflecting positive analyst sentiment.
• Remitly Global recently reported earnings of $0.04 per share, missing analyst estimates and marking a 34.4% revenue growth compared to the same quarter last year.

Cubist Systematic Strategies LLC bought a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 119,036 shares of the financial services provider's stock, valued at approximately $2,476,000. Cubist Systematic Strategies LLC owned about 0.06% of Remitly Global at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of RELY. Northern Trust Corp raised its stake in shares of Remitly Global by 16.8% in the fourth quarter. Northern Trust Corp now owns 1,505,543 shares of the financial services provider's stock worth $33,980,000 after acquiring an additional 216,418 shares during the last quarter. Comerica Bank grew its position in shares of Remitly Global by 2.1% during the 4th quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock worth $577,000 after buying an additional 534 shares during the period. Algert Global LLC grew its position in shares of Remitly Global by 53.4% during the 4th quarter. Algert Global LLC now owns 85,002 shares of the financial services provider's stock worth $1,918,000 after buying an additional 29,603 shares during the period. Ameriprise Financial Inc. grew its position in shares of Remitly Global by 24.5% during the 4th quarter. Ameriprise Financial Inc. now owns 210,198 shares of the financial services provider's stock worth $4,744,000 after buying an additional 41,346 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Remitly Global during the 4th quarter worth approximately $9,301,000. 74.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RELY shares. Barclays lifted their price target 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. KeyCorp reiterated an "overweight" rating and set a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Finally, Wall Street Zen cut shares of Remitly Global from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Remitly Global currently has a consensus rating of "Moderate Buy" and a consensus target price of $29.00.

Insider Activity at Remitly Global

In other news, Director Joshua Hug sold 40,777 shares of the company's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $18.41, for a total value of $750,704.57. Following the completion of the transaction, the director owned 3,654,288 shares in the company, valued at $67,275,442.08. This represents a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Phillip John Riese sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total transaction of $101,700.00. Following the completion of the transaction, the director owned 102,257 shares of the company's stock, valued at $2,079,907.38. This trade represents a 4.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 84,360 shares of company stock worth $1,579,449 over the last ninety days. 7.50% of the stock is owned by corporate insiders.

Remitly Global Stock Performance

Shares of NASDAQ RELY opened at $19.49 on Friday. The stock has a market cap of $4.02 billion, a P/E ratio of 324.89 and a beta of 0.13. The firm has a 50 day moving average price of $18.15 and a 200 day moving average price of $20.09. Remitly Global, Inc. has a 52-week low of $12.43 and a 52-week high of $27.32.

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