Lord Abbett & CO. LLC Has $36.27 Million Position in Remitly Global, Inc. $RELY

Key Points

• Lord Abbett & CO. LLC increased its holdings in Remitly Global, acquiring 887,859 shares, bringing its total to approximately 1.74 million shares, valued at around $36.27 million.
• Remitly Global reported a quarterly revenue of $411.85 million, exceeding analysts' expectations, despite posting a loss of $0.04 earnings per share that fell short of the consensus estimate of $0.18.
• Recent analyst ratings for Remitly Global have been mostly positive, with price targets raised by various firms, reflecting a consensus rating of "Moderate Buy" and an average target price of $29.00.

Lord Abbett & CO. LLC grew its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 103.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,743,496 shares of the financial services provider's stock after purchasing an additional 887,859 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.86% of Remitly Global worth $36,265,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of RELY. Exchange Traded Concepts LLC bought a new position in shares of Remitly Global in the first quarter valued at $46,000. Caitong International Asset Management Co. Ltd purchased a new stake in Remitly Global during the first quarter worth about $66,000. KBC Group NV boosted its position in Remitly Global by 29.8% during the first quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock worth $165,000 after purchasing an additional 1,823 shares during the period. Mackenzie Financial Corp bought a new position in Remitly Global during the fourth quarter worth about $211,000. Finally, Cetera Investment Advisers bought a new position in Remitly Global during the first quarter worth about $223,000. 74.25% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Luke Tavis sold 2,920 shares of the business's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $21.15, for a total value of $61,758.00. Following the transaction, the chief accounting officer owned 1,208 shares in the company, valued at approximately $25,549.20. The trade was a 70.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 sale, the director owned 112,496 shares in the company, valued at $2,249,920. The trade was a 4.26% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 142,833 shares of company stock valued at $2,950,493. 8.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently commented on RELY shares. Barclays lifted their target price on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. KeyCorp reaffirmed an "overweight" rating and set a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Monness Crespi & Hardt increased their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th. The Goldman Sachs Group raised their price target on Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Finally, Wall Street Zen upgraded Remitly Global from a "hold" rating to a "buy" rating in a research note on Sunday. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $29.00.

Remitly Global Trading Down 5.0%

NASDAQ:RELY traded down $0.9950 during trading hours on Tuesday, hitting $18.8750. The company had a trading volume of 2,315,618 shares, compared to its average volume of 2,947,767. Remitly Global, Inc. has a 1 year low of $12.43 and a 1 year high of $27.32. The company has a 50-day moving average of $18.44 and a 200 day moving average of $20.68. The company has a market cap of $3.89 billion, a P/E ratio of 314.64 and a beta of 0.12.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results 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 return on equity of 2.31% and a net margin of 0.96%.The firm had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. During the same period in the previous year, the company posted ($0.06) EPS. Remitly Global's revenue was up 34.4% on a year-over-year basis. On average, analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

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.