Intech Investment Management LLC Has $1.93 Million Stock Holdings in Remitly Global, Inc. $RELY

Key Points

• Intech Investment Management LLC increased its stake in Remitly Global, Inc. by 53.0%, bringing its total holdings to 92,850 shares valued at approximately $1.93 million.
• Several hedge funds also raised their positions in Remitly Global, most notably Bank of America Corp DE with a 66.1% increase, owning 407,253 shares valued at $9.19 million.
• Wall Street analysts maintain a positive outlook, with eight analysts rating the stock a Buy and a price target average of $27.88.

Intech Investment Management LLC raised its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 53.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,850 shares of the financial services provider's stock after purchasing an additional 32,150 shares during the quarter. Intech Investment Management LLC's holdings in Remitly Global were worth $1,931,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. boosted its stake in Remitly Global by 24.5% during the 4th quarter. Ameriprise Financial Inc. now owns 210,198 shares of the financial services provider's stock valued at $4,744,000 after purchasing an additional 41,346 shares during the period. Bank of America Corp DE raised its holdings in Remitly Global by 66.1% in the 4th quarter. Bank of America Corp DE now owns 407,253 shares of the financial services provider's stock valued at $9,192,000 after acquiring an additional 162,118 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new position in Remitly Global in the 4th quarter valued at approximately $580,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Remitly Global by 6.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,975 shares of the financial services provider's stock valued at $1,918,000 after acquiring an additional 5,223 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its holdings in Remitly Global by 2.5% in the 4th quarter. Nuveen Asset Management LLC now owns 1,877,147 shares of the financial services provider's stock valued at $42,367,000 after acquiring an additional 45,579 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Wall Street Zen raised Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday, September 7th. JMP Securities lowered their target price on Remitly Global from $32.00 to $23.00 and set a "market outperform" rating on the stock in a research report on Monday, September 15th. Finally, KeyCorp restated an "overweight" rating and set a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $27.88.

Insider Activity at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total value of $251,994.24. Following the transaction, the chief executive officer directly owned 4,212,849 shares of the company's stock, valued at approximately $72,798,030.72. This trade represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Joshua Hug sold 40,777 shares of Remitly Global stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $18.41, for a total transaction of $750,704.57. Following the sale, the director owned 3,654,288 shares of the company's stock, valued at approximately $67,275,442.08. This represents a 1.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 79,360 shares of company stock valued at $1,477,749. 7.50% of the stock is currently owned by company insiders.

Remitly Global Price Performance

Shares of RELY stock traded down $0.20 on Friday, hitting $17.11. 4,932,689 shares of the stock traded hands, compared to its average volume of 3,368,393. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 285.21 and a beta of 0.13. Remitly Global, Inc. has a 52 week low of $12.43 and a 52 week high of $27.32. The firm has a 50 day simple moving average of $18.11 and a two-hundred day simple moving average of $19.67.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings data 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 net margin of 0.96% and a return on equity of 2.31%. The company had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. During the same period in the previous year, the business earned ($0.06) earnings per share. Remitly Global's revenue for the quarter was up 34.4% on a year-over-year basis. Sell-side analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current 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.