Driehaus Capital Management LLC Acquires Shares of 1,573,616 Remitly Global, Inc. $RELY

Key Points

• Driehaus Capital Management LLC has invested approximately $32.73 million in Remitly Global, acquiring 1,573,616 shares, representing about 0.77% of the company.
• Several institutional investors, including Vanguard and ArrowMark, have significantly increased their stakes in Remitly, which is currently owned 74.25% by institutional investors.
• Analysts have a generally positive outlook on Remitly Global, with multiple firms raising their price targets and giving the stock a "buy" rating, resulting in an average price target of $29.00.

Driehaus Capital Management LLC bought a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,573,616 shares of the financial services provider's stock, valued at approximately $32,731,000. Driehaus Capital Management LLC owned approximately 0.77% of Remitly Global as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Remitly Global by 2.1% in the first quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider's stock valued at $311,109,000 after acquiring an additional 306,099 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its stake in shares of Remitly Global by 34.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock worth $107,751,000 after buying an additional 1,220,806 shares during the period. Deutsche Bank AG lifted its stake in shares of Remitly Global by 20.4% during the first quarter. Deutsche Bank AG now owns 2,371,335 shares of the financial services provider's stock worth $49,324,000 after buying an additional 402,417 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Remitly Global by 6.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,257,182 shares of the financial services provider's stock worth $50,946,000 after buying an additional 128,366 shares during the period. Finally, Nuveen Asset Management LLC lifted its stake in shares of Remitly Global by 2.5% during the fourth quarter. Nuveen Asset Management LLC now owns 1,877,147 shares of the financial services provider's stock worth $42,367,000 after buying an additional 45,579 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Remitly Global news, Director Joshua Hug sold 40,777 shares of Remitly Global stock in a transaction 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 of the company's stock, valued at approximately $67,275,442.08. The trade was a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total transaction of $251,994.24. Following the completion of the transaction, the chief executive officer directly owned 4,212,849 shares of the company's stock, valued at $72,798,030.72. The trade was a 0.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 84,360 shares of company stock worth $1,579,449 over the last three months. Corporate insiders own 8.10% of the company's stock.

Remitly Global Stock Performance

Shares of Remitly Global stock traded up $0.16 during trading on Wednesday, hitting $19.08. 1,005,902 shares of the company's stock were exchanged, compared to its average volume of 2,964,798. The business has a 50-day simple moving average of $18.12 and a 200-day simple moving average of $20.20. Remitly Global, Inc. has a 52-week low of $12.43 and a 52-week high of $27.32. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 316.14 and a beta of 0.13.

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). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The business had revenue of $411.85 million for the quarter, compared to analysts' expectations of $384.59 million. During the same period last year, the business earned ($0.06) EPS. The company's revenue for the quarter was up 34.4% on a year-over-year basis. On average, equities analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RELY. Barclays lifted their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. KeyCorp reiterated an "overweight" rating and set a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Monness Crespi & Hardt lifted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. The Goldman Sachs Group lifted their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, Wall Street Zen downgraded shares of Remitly Global from a "buy" rating to a "hold" rating in a research note on Saturday. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $29.00.

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.