Intech Investment Management LLC Grows Stake 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 the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,850 shares of the financial services provider's stock after buying 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 reporting period.

A number of other institutional investors have also recently modified their holdings of RELY. Alliancebernstein L.P. lifted its position in shares of Remitly Global by 366.8% during the 1st quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider's stock worth $106,867,000 after buying an additional 4,037,151 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in Remitly Global during the first quarter worth approximately $32,731,000. Nuveen LLC bought a new position in Remitly Global in the first quarter worth approximately $32,703,000. Lord Abbett & CO. LLC boosted its holdings in Remitly Global by 103.8% in the first quarter. Lord Abbett & CO. LLC now owns 1,743,496 shares of the financial services provider's stock worth $36,265,000 after acquiring an additional 887,859 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Remitly Global in the fourth quarter worth approximately $15,120,000. 74.25% of the stock is currently owned by institutional investors.

Remitly Global Stock Performance

NASDAQ:RELY traded down $0.12 during trading hours on Thursday, reaching $17.31. The stock had a trading volume of 2,892,629 shares, compared to its average volume of 3,012,230. The stock has a 50 day simple moving average of $18.13 and a 200 day simple moving average of $19.76. Remitly Global, Inc. has a 12-month low of $12.43 and a 12-month high of $27.32. The stock has a market cap of $3.57 billion, a P/E ratio of 288.55 and a beta of 0.13.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results 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). 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 analysts' expectations of $384.59 million. During the same quarter last year, the firm posted ($0.06) earnings per share. Remitly Global's revenue for the quarter was up 34.4% compared to the same quarter last year. On average, equities analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 5,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $19.71, for a total transaction of $98,550.00. Following the completion of the transaction, the insider owned 186,926 shares of the company's stock, valued at $3,684,311.46. This represents a 2.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Phillip John Riese sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the transaction, the director directly owned 112,496 shares of the company's stock, valued at $2,249,920. This represents a 4.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 79,360 shares of company stock valued at $1,477,749 over the last quarter. 7.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.