LGT Fund Management Co Ltd. Has $3.55 Million Holdings in Remitly Global, Inc. $RELY

Key Points

• LGT Fund Management Co Ltd. increased its stake in Remitly Global, Inc. by 31.4% during the second quarter, holding a total of 189,150 shares valued at approximately $3.55 million.
• CEO Matthew B. Oppenheimer and Director Phillip John Riese recently sold significant shares in the company, with Oppenheimer selling 14,583 shares valued at $243,244.44.
• Recent analyst reports have provided mixed reviews for Remitly Global, with Wall Street Zen upgrading their rating to "buy" and JMP Securities lowering their target price from $32.00 to $23.00.

LGT Fund Management Co Ltd. boosted its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 31.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 189,150 shares of the financial services provider's stock after purchasing an additional 45,150 shares during the quarter. LGT Fund Management Co Ltd. owned about 0.09% of Remitly Global worth $3,550,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Elequin Capital LP acquired a new position in Remitly Global in the first quarter valued at about $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Remitly Global during the first quarter worth about $41,000. Exchange Traded Concepts LLC acquired a new position in Remitly Global during the first quarter worth about $46,000. Caitong International Asset Management Co. Ltd acquired a new position in Remitly Global during the first quarter worth about $66,000. Finally, Flaharty Asset Management LLC acquired a new position in Remitly Global during the first quarter worth about $94,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $16.68, for a total value of $243,244.44. Following the sale, the chief executive officer directly owned 4,544,354 shares in the company, valued at $75,799,824.72. This represents a 0.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the sale, the director owned 112,496 shares in the company, valued at $2,249,920. The trade was a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 93,943 shares of company stock valued at $1,720,993. Insiders own 7.50% of the company's stock.

Analysts Set New Price Targets

RELY has been the subject of several research analyst reports. Wall Street Zen raised Remitly Global from a "hold" rating to a "buy" rating in a research note on Sunday, September 7th. JMP Securities lowered their target price on Remitly Global from $32.00 to $23.00 and set a "market outperform" rating for the company in a research note on Monday, September 15th. Weiss Ratings reissued a "sell (d+)" rating on shares of Remitly Global in a research note on Saturday, September 27th. Finally, KeyCorp reissued an "overweight" rating and set a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $27.88.

Remitly Global Price Performance

Remitly Global stock opened at $16.04 on Friday. The business has a 50 day moving average of $17.93 and a 200-day moving average of $19.40. Remitly Global, Inc. has a 1 year low of $12.43 and a 1 year high of $27.32. The company has a market capitalization of $3.31 billion, a P/E ratio of 267.38 and a beta of 0.10.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (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 firm had revenue of $411.85 million during the quarter, compared to analyst estimates of $384.59 million. During the same period in the prior year, the company earned ($0.06) EPS. The business's quarterly revenue was up 34.4% compared to the same quarter last year. Equities analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Remitly Global 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.

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