Inspire Investing LLC Buys New Holdings in Remitly Global, Inc. $RELY

Key Points

• Inspire Investing LLC acquired 114,471 Remitly Global shares during the third quarter, valued at approximately $2.44 million. Institutional investors collectively own 74.25% of the company.
• Remitly reported strong quarterly results, with revenue rising 20.2% year over year to $495.16 million and earnings per share of $0.93, substantially exceeding the $0.12 consensus estimate.
• Analysts maintain a generally positive outlook, with the stock carrying an average “Buy” rating and a $27.78 price target, compared with its reported price of $24.82.

Inspire Investing LLC bought a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 114,471 shares of the financial services provider's stock, valued at approximately $2,443,000. Inspire Investing LLC owned about 0.05% of Remitly Global at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Remitly Global during the 2nd quarter valued at $410,752,000. Generation Investment Management LLP bought a new position in shares of Remitly Global during the 2nd quarter valued at $109,637,000. Bank of America Corp DE lifted its holdings in shares of Remitly Global by 471.7% during the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider's stock valued at $80,759,000 after buying an additional 4,252,294 shares during the period. Lead Edge Capital Management LLC purchased a new position in shares of Remitly Global in the 2nd quarter worth $60,232,971. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Remitly Global in the 3rd quarter worth $31,985,000. Institutional investors own 74.25% of the company's stock.

Remitly Global Stock Performance

NASDAQ RELY opened at $24.82 on Monday. The stock's 50 day moving average is $23.90 and its 200 day moving average is $22.55. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $27.48. The stock has a market cap of $5.25 billion, a PE ratio of 17.86 and a beta of 0.39.

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. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%. The business had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same period in the prior year, the company posted $0.03 EPS. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RELY has been the subject of several research analyst reports. Citigroup reaffirmed an "outperform" rating on shares of Remitly Global in a report on Thursday, August 6th. Zacks Research downgraded Remitly Global from a "strong-buy" rating to a "hold" rating in a report on Monday, October 5th. Weiss Ratings raised Remitly Global from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, October 16th. Cantor Fitzgerald raised their target price on Remitly Global from $28.00 to $30.00 and gave the stock an "overweight" rating in a research report on Monday, August 10th. Finally, The Goldman Sachs Group boosted their price target on Remitly Global from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $27.78.

Insider Activity at Remitly Global

In other news, Director Phillip Riese sold 160,182 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $24.94, for a total value of $3,994,939.08. Following the transaction, the director owned 361,094 shares of the company's stock, valued at approximately $9,005,684.36. The trade was a 30.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Pankaj Sharma sold 21,000 shares of the company's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $26.39, for a total transaction of $554,190.00. Following the transaction, the insider owned 716,022 shares of the company's stock, valued at approximately $18,895,820.58. This represents a 2.85% 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. Insiders sold a total of 478,738 shares of company stock worth $11,874,000 over the last ninety days. 6.53% of the stock is owned by corporate insiders.

Remitly Global Company Profile

Remitly Global, Inc is a digital financial services company that enables consumers to send money internationally. Its platform is designed primarily for immigrants and other customers who regularly transfer funds to family and friends in their countries of origin.

Through its mobile application and website, Remitly allows users to initiate cross-border remittances and select delivery options such as bank deposits, mobile-wallet transfers, cash pickup and, in some markets, home delivery.

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