GSA Capital Partners LLP Raises Holdings in Remitly Global, Inc. (NASDAQ:RELY)

Key Points

• GSA Capital Partners LLP increased its stake in Remitly Global, Inc. by 57.5%, owning a total of 100,714 shares valued at approximately $2,095,000 as of the end of the latest quarter.
• Remitly Global reported earnings of $0.05 per share for the quarter, exceeding analysts' expectations, while revenue grew by 34.3% year-over-year to $361.62 million.
• Insider activity saw significant sales, with Director Joshua Hug selling 20,000 shares at an average price of $21.07, indicating notable financial movements among company insiders.

GSA Capital Partners LLP raised its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 57.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 100,714 shares of the financial services provider's stock after purchasing an additional 36,778 shares during the period. GSA Capital Partners LLP's holdings in Remitly Global were worth $2,095,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Xponance Inc. boosted its position in shares of Remitly Global by 4.8% in the first quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock worth $237,000 after purchasing an additional 518 shares during the period. Comerica Bank boosted its position in shares of Remitly Global by 2.1% during the fourth quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock worth $577,000 after acquiring an additional 534 shares during the last quarter. Sei Investments Co. lifted its position in Remitly Global by 4.8% during the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider's stock valued at $313,000 after purchasing an additional 636 shares during the last quarter. Summit Investment Advisors Inc. lifted its position in Remitly Global by 4.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 15,617 shares of the financial services provider's stock valued at $352,000 after purchasing an additional 717 shares during the last quarter. Finally, Bank of Montreal Can lifted its position in Remitly Global by 3.6% during the fourth quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider's stock valued at $931,000 after purchasing an additional 1,435 shares during the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Trading Up 1.4%

Shares of RELY opened at $17.21 on Tuesday. The firm has a market cap of $3.51 billion, a P/E ratio of -573.67 and a beta of 0.13. Remitly Global, Inc. has a 12-month low of $12.43 and a 12-month high of $27.32. The company's 50-day moving average price is $19.51 and its 200 day moving average price is $21.22.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.09. The company had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. The business's revenue for the quarter was up 34.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.11) earnings per share. Equities research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Activity

In other news, Director Joshua Hug sold 20,000 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $21.07, for a total value of $421,400.00. Following the completion of the sale, the director directly owned 3,713,811 shares of the company's stock, valued at approximately $78,249,997.77. This represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Luke Tavis sold 2,920 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $21.15, for a total value of $61,758.00. Following the completion of the sale, the chief accounting officer directly owned 1,208 shares of the company's stock, valued at $25,549.20. The trade was a 70.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 12,079,551 shares of company stock valued at $276,183,987. 8.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently commented on RELY. Monness Crespi & Hardt raised their price target 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. JMP Securities reaffirmed a "market outperform" rating and issued a $32.00 price target on shares of Remitly Global in a research note on Thursday, April 10th. KeyCorp increased their target price on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Barclays increased their target price on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Finally, The Goldman Sachs Group increased their target price on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $28.88.

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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