Jump Financial LLC Invests $8.22 Million 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 purchased a new position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 395,315 shares of the financial services provider's stock, valued at approximately $8,223,000. Jump Financial LLC owned approximately 0.19% of Remitly Global as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in RELY. LPL Financial LLC acquired a new position in Remitly Global in the fourth quarter worth about $347,000. Wells Fargo & Company MN raised its position in Remitly Global by 53.1% in the fourth quarter. Wells Fargo & Company MN now owns 70,777 shares of the financial services provider's stock worth $1,597,000 after purchasing an additional 24,559 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Remitly Global by 221.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 53,774 shares of the financial services provider's stock worth $1,214,000 after purchasing an additional 37,046 shares in the last quarter. Invesco Ltd. raised its position in Remitly Global by 13.0% in the fourth quarter. Invesco Ltd. now owns 111,612 shares of the financial services provider's stock worth $2,519,000 after purchasing an additional 12,816 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its position in Remitly Global by 132.8% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 28,138 shares of the financial services provider's stock worth $633,000 after purchasing an additional 16,052 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on RELY shares. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday, August 17th. KeyCorp reaffirmed 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. Barclays raised their price objective 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. Monness Crespi & Hardt raised their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Finally, The Goldman Sachs Group raised their price objective 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. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $29.00.

Insider Transactions at Remitly Global

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of Remitly Global stock in a transaction 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 completion of the sale, the director owned 112,496 shares of the company's stock, valued at approximately $2,249,920. The trade was a 4.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joshua Hug sold 10,000 shares of Remitly Global stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $19.65, for a total transaction of $196,500.00. Following the sale, the director directly owned 3,663,811 shares of the company's stock, valued at $71,993,886.15. This represents a 0.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,583 shares of company stock valued at $828,744. 7.50% of the stock is owned by company insiders.

Remitly Global Trading Up 0.3%

Shares of RELY traded up $0.05 during mid-day trading on Friday, hitting $18.53. 2,242,730 shares of the company traded hands, compared to its average volume of 2,959,853. Remitly Global, Inc. has a one year low of $12.43 and a one year high of $27.32. The business has a 50-day moving average of $18.21 and a 200 day moving average of $20.39. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 308.88 and a beta of 0.12.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 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 for the quarter, compared to the consensus estimate of $384.59 million. During the same period last year, the company earned ($0.06) earnings per share. Remitly Global's revenue for the quarter was up 34.4% compared to the same quarter last year. As a group, analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

About Remitly Global

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.