Jupiter Topco LLC Invests $1.68 Million in Remitly Global, Inc. $RELY

Jupiter Topco LLC bought a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 75,057 shares of the financial services provider's stock, valued at approximately $1,682,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Remitly Global in the 2nd quarter worth $410,752,000. Generation Investment Management LLP purchased a new position in Remitly Global during the second quarter valued at $109,637,000. Bank of America Corp DE lifted its holdings in Remitly Global by 471.7% during the first 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 purchasing an additional 4,252,294 shares in the last quarter. Lead Edge Capital Management LLC acquired a new stake in shares of Remitly Global in the second quarter valued at about $60,232,971. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider's stock valued at $90,530,000 after purchasing an additional 2,567,446 shares during the period. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Stock Up 0.4%

Remitly Global stock opened at $26.92 on Friday. The company has a fifty day simple moving average of $24.43 and a 200-day simple moving average of $20.76. The firm has a market capitalization of $5.70 billion, a price-to-earnings ratio of 19.37 and a beta of 0.36. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.48.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its 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. The business had revenue of $495.16 million for the quarter, compared to analysts' expectations of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.03 EPS. On average, research analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Insider Activity at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 21,000 shares of the firm's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $26.39, for a total value of $554,190.00. Following the completion of the sale, the insider directly owned 716,022 shares of the company's stock, valued at $18,895,820.58. This trade represents a 2.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel W. Morris sold 20,000 shares of the business's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $26.26, for a total transaction of $525,200.00. Following the transaction, the director directly owned 1,831,056 shares in the company, valued at approximately $48,083,530.56. The trade was a 1.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 502,771 shares of company stock valued at $12,328,147 in the last three months. Company insiders own 6.53% of the company's stock.

Wall Street Analyst Weigh In

RELY has been the subject of several research analyst reports. Wolfe Research upped their price target on shares of Remitly Global from $31.00 to $32.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 25th. Weiss Ratings upgraded Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. Citigroup reiterated an "outperform" rating on shares of Remitly Global in a research note on Thursday, August 6th. Cantor Fitzgerald increased their target price on Remitly Global from $28.00 to $30.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Finally, Zacks Research raised Remitly Global from a "hold" rating to a "strong-buy" rating in a report on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $27.78.

Remitly Global Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.

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