Legal & General Group Plc Invests $9.40 Million in Remitly Global, Inc. $RELY

Key Points

• Legal & General Group purchased 419,487 Remitly Global shares worth approximately $9.4 million, giving it a 0.20% stake. Institutional investors and hedge funds collectively own 74.25% of the company.
• Remitly reported quarterly earnings of $0.93 per share, beating estimates of $0.12, while revenue rose 20.2% year over year to $495.16 million.
• Analysts maintain a positive outlook, with the stock receiving a consensus “Buy” rating and an average price target of $27.78; shares recently traded at $25.71.

Legal & General Group Plc bought a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 419,487 shares of the financial services provider's stock, valued at approximately $9,401,000. Legal & General Group Plc owned 0.20% of Remitly Global as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. GSA Capital Partners LLP grew its stake in shares of Remitly Global by 1,484.2% in the 4th quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider's stock valued at $4,982,000 after purchasing an additional 338,244 shares during the period. State of Wyoming acquired a new position in shares of Remitly Global in the 2nd quarter worth approximately $935,000. First Eagle Investment Management LLC bought a new position in shares of Remitly Global during the 4th quarter worth approximately $8,852,000. California State Teachers Retirement System lifted its position in shares of Remitly Global by 24.7% during the 1st quarter. California State Teachers Retirement System now owns 208,409 shares of the financial services provider's stock worth $3,266,000 after buying an additional 41,221 shares during the period. Finally, Bank of America Corp DE boosted its stake in Remitly Global by 471.7% in the 1st 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 buying an additional 4,252,294 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Price Performance

RELY stock opened at $25.71 on Wednesday. The business has a fifty day moving average price of $24.22 and a 200 day moving average price of $20.57. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.15. The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of 18.50 and a beta of 0.36.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company had revenue of $495.16 million for the quarter, compared to analysts' expectations of $486.25 million. During the same quarter in the prior year, the business earned $0.03 earnings per share. The business's revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities analysts expect that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Weiss Ratings raised Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. The Goldman Sachs Group upped their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, July 9th. Citigroup reaffirmed an "outperform" rating on shares of Remitly Global in a report on Thursday, August 6th. Monness Crespi & Hardt reissued a "buy" rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, Citizens Jmp lifted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a "market outperform" rating in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $27.78.

Insider Buying and Selling at Remitly Global

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

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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