Jump Financial LLC Takes Position in Remitly Global, Inc. $RELY

Key Points

• Jump Financial LLC acquired 395,315 shares of Remitly Global, valued at approximately $8.2 million, increasing its ownership to about 0.19% of the company.
• Multiple institutional investors, including Stifel Financial Corp and Wells Fargo & Company MN, have increased their stakes in Remitly Global, indicating significant interest in the company.
• Remitly Global reported a 34.4% year-over-year increase in revenue for the last quarter, though it missed EPS estimates by $0.14.

Jump Financial LLC acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 395,315 shares of the financial services provider's stock, valued at approximately $8,223,000. Jump Financial LLC owned about 0.19% of Remitly Global as of its most recent filing with the Securities & Exchange Commission.

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

Insider Activity

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total transaction of $251,994.24. Following the sale, the chief executive officer directly owned 4,212,849 shares of the company's stock, valued at approximately $72,798,030.72. This represents a 0.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Phillip John Riese sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00. Following the sale, the director directly owned 112,496 shares in the company, valued at $2,249,920. This trade represents a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,583 shares of company stock valued at $828,744 over the last three months. 7.50% of the stock is owned by corporate insiders.

Remitly Global Stock Performance

Remitly Global stock traded up $0.05 during trading hours on Friday, hitting $18.53. 2,877,944 shares of the stock were exchanged, compared to its average volume of 4,643,939. The stock has a market capitalization of $3.82 billion, a P/E ratio of 308.88 and a beta of 0.12. Remitly Global, Inc. has a 12 month low of $12.43 and a 12 month high of $27.32. The business's 50-day moving average is $18.18 and its two-hundred day moving average is $20.31.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued 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 firm 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%.Remitly Global's quarterly revenue was up 34.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.06) earnings per share. On average, equities analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RELY. The Goldman Sachs Group upped their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Monness Crespi & Hardt upped their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Wall Street Zen cut shares of Remitly Global from a "buy" rating to a "hold" rating in a research note on Saturday. Barclays upped their target price on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Finally, KeyCorp reissued an "overweight" rating and issued a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Remitly Global has a consensus rating of "Moderate Buy" and a consensus price target of $29.00.

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.