Dimensional Fund Advisors LP Has $49.14 Million Stock Position in Remitly Global, Inc. $RELY

Key Points

• Dimensional Fund Advisors increased its Remitly Global stake by 12.6% in the first quarter, acquiring 350,595 shares for a total holding of 3.14 million shares valued at approximately $49.14 million. Institutional investors collectively own 74.25% of RELY.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $25.50 price target. Recent targets range from $30 to $33, while one analyst downgraded the stock to “Hold.”
• Remitly reported quarterly EPS of $0.23, surpassing estimates of $0.12, while revenue rose 25.2% year over year to $452.8 million. The stock opened at $22.77 and trades near its 12-month high of $25.75.

Dimensional Fund Advisors LP lifted its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 12.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,136,288 shares of the financial services provider's stock after acquiring an additional 350,595 shares during the period. Dimensional Fund Advisors LP owned about 1.49% of Remitly Global worth $49,142,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Summit Securities Group LLC purchased a new stake in shares of Remitly Global in the 1st quarter valued at approximately $26,000. Torren Management LLC purchased a new position in Remitly Global during the 4th quarter worth approximately $25,000. Cullen Frost Bankers Inc. purchased a new position in Remitly Global during the 4th quarter worth approximately $28,000. HighMark Wealth Management LLC acquired a new stake in Remitly Global during the 4th quarter valued at $35,000. Finally, Quarry LP acquired a new stake in Remitly Global during the 3rd quarter valued at $42,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on RELY shares. Weiss Ratings raised Remitly Global from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, June 3rd. Citizens Jmp upped their price target on Remitly Global from $26.00 to $30.00 and gave the company a "market outperform" rating in a research report on Thursday, July 16th. Zacks Research downgraded Remitly Global from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 20th. Citigroup reissued an "outperform" rating on shares of Remitly Global in a research note on Thursday, July 16th. Finally, Monness Crespi & Hardt raised their price objective on Remitly Global from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Remitly Global currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.50.

Insider Buying and Selling at Remitly Global

In related news, insider Pankaj Sharma sold 16,000 shares of Remitly Global stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total transaction of $320,160.00. Following the completion of the sale, the insider owned 767,810 shares of the company's stock, valued at approximately $15,363,878.10. This trade represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of the business's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $526,750.00. Following the completion of the transaction, the chief financial officer owned 988,004 shares in the company, valued at $20,817,244.28. This trade represents a 2.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 170,388 shares of company stock valued at $3,725,510 in the last quarter. Corporate insiders own 6.53% of the company's stock.

Remitly Global Price Performance

RELY stock opened at $22.77 on Monday. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $25.75. The company has a market cap of $4.79 billion, a price-to-earnings ratio of 46.47 and a beta of 0.34. The company has a 50 day moving average of $21.82 and a two-hundred day moving average of $18.73.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The company had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. During the same quarter last year, the business posted $0.05 EPS. The company's revenue for the quarter was up 25.2% on a year-over-year basis. On average, research analysts anticipate that Remitly Global, Inc. will post 0.62 EPS for the current year.

Remitly Global Company Profile

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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