Eventide Asset Management LLC Has $21.10 Million Stock Position in Remitly Global, Inc. $RELY

Key Points

• Eventide Asset Management LLC increased its stake in Remitly Global by 27.3%, acquiring an additional 217,563 shares, bringing its total ownership to approximately 1,014,167 shares valued at $21.1 million.
• Insider trading activity includes CEO Matthew B. Oppenheimer selling 14,583 shares for about $251,994, while other insiders sold a total of 84,360 shares in the past three months.
• Remitly Global reported revenue of $411.85 million for the last quarter, exceeding expectations, but missed the earnings per share estimate, posting $0.04 compared to the anticipated $0.18.

Eventide Asset Management LLC grew its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 27.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,014,167 shares of the financial services provider's stock after acquiring an additional 217,563 shares during the quarter. Eventide Asset Management LLC owned about 0.50% of Remitly Global worth $21,096,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Elequin Capital LP purchased a new position in shares of Remitly Global in the 1st quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Remitly Global during the first quarter worth $41,000. Exchange Traded Concepts LLC acquired a new position in shares of Remitly Global in the first quarter valued at approximately $46,000. Caitong International Asset Management Co. Ltd purchased a new position in Remitly Global in the first quarter valued at $66,000. Finally, KBC Group NV lifted its holdings in Remitly Global by 29.8% during the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock worth $165,000 after buying an additional 1,823 shares during the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 40,777 shares of Remitly Global stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $18.41, for a total transaction of $750,704.57. Following the sale, the director directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total value of $251,994.24. Following the sale, the chief executive officer directly owned 4,212,849 shares in the company, valued at $72,798,030.72. The trade was a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,360 shares of company stock valued at $1,477,749 in the last ninety days. 8.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on RELY shares. KeyCorp reiterated an "overweight" rating and set a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Barclays boosted their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Finally, Wall Street Zen raised Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Remitly Global presently has an average rating of "Moderate Buy" and a consensus target price of $29.00.

Remitly Global Stock Up 1.9%

RELY traded up $0.39 during trading on Tuesday, reaching $20.32. The stock had a trading volume of 1,988,684 shares, compared to its average volume of 2,979,189. The stock has a 50 day moving average of $18.17 and a two-hundred day moving average of $19.98. The firm has a market capitalization of $4.19 billion, a price-to-earnings ratio of 338.76 and a beta of 0.13. Remitly Global, Inc. has a 1-year low of $12.43 and a 1-year high of $27.32.

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

Remitly Global 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.