Deutsche Bank AG Takes Position in Remitly Global, Inc. $RELY

Key Points

• Deutsche Bank AG acquired 514,286 Remitly shares worth approximately $11.5 million in the second quarter, while institutional investors collectively own 74.25% of the company.
• Remitly reported quarterly revenue of $495.16 million, up 20.2% year over year, and earnings per share of $0.93—well above the $0.12 consensus estimate.
• Analyst sentiment remains positive, with Remitly carrying a consensus “Buy” rating and an average price target of $27.67; several firms recently raised their targets to between $30 and $33.

Deutsche Bank AG purchased a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 514,286 shares of the financial services provider's stock, valued at approximately $11,525,000. Deutsche Bank AG owned approximately 0.24% of Remitly Global as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC increased its position in Remitly Global by 45.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider's stock valued at $49,000 after buying an additional 677 shares in the last quarter. California State Teachers Retirement System boosted its holdings in 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 worth $2,550,000 after acquiring an additional 679 shares in the last quarter. Main Management ETF Advisors LLC boosted its holdings in 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 worth $1,329,000 after acquiring an additional 984 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Remitly Global by 2.9% in the first quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider's stock worth $589,000 after acquiring an additional 1,050 shares during the last quarter. Finally, New York State Teachers Retirement System grew its stake in shares of Remitly Global by 8.4% in 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 acquiring an additional 1,184 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Stock Performance

Shares of RELY opened at $26.67 on Monday. The company has a market cap of $5.65 billion, a price-to-earnings ratio of 19.19 and a beta of 0.34. The business's fifty day simple moving average is $23.42 and its two-hundred day simple moving average is $19.92. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.15.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.81. The firm had revenue of $495.16 million during the quarter, compared to analysts' expectations of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company's revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 earnings per share. As a group, research analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current year.

Insider Buying and Selling

In related news, Director Nigel W. Morris sold 3,249 shares of Remitly Global stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $26.53, for a total value of $86,195.97. Following the completion of the sale, the director directly owned 1,827,807 shares in the company, valued at approximately $48,491,719.71. This trade represents a 0.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joshua Hug sold 5,500 shares of the business's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $23.65, for a total value of $130,075.00. Following the completion of the transaction, the director directly owned 2,675,389 shares of the company's stock, valued at approximately $63,272,949.85. This trade represents a 0.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 522,692 shares of company stock worth $12,398,386. 6.53% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on RELY shares. Weiss Ratings upgraded Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. The Goldman Sachs Group upped their price target on shares of Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. Citizens Jmp increased their price objective 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. Zacks Research upgraded shares of Remitly Global from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 14th. Finally, KeyCorp lifted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Remitly Global currently has a consensus rating of "Buy" and an average price target of $27.67.

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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