Magnetar Financial LLC Makes New $672,000 Investment in Remitly Global, Inc. $RELY

Key Points

• Magnetar Financial LLC acquired a new stake in Remitly Global, purchasing 32,303 shares valued at approximately $672,000 during the 1st quarter.
• Several other institutional investors have also increased their holdings in Remitly Global, leading to overall institutional ownership of 74.25% of the company's stock.
• Wall Street analysts are generally optimistic about Remitly Global, with an average target price set at $29.00 and a majority rating the stock as a "Moderate Buy."

Magnetar Financial LLC purchased a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 32,303 shares of the financial services provider's stock, valued at approximately $672,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Elequin Capital LP bought a new position in Remitly Global during the first quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Remitly Global in the first quarter worth $41,000. Exchange Traded Concepts LLC bought a new position in shares of Remitly Global in the first quarter worth $46,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Remitly Global in the first quarter worth $66,000. Finally, KBC Group NV boosted its holdings in shares of Remitly Global by 29.8% in the first quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock worth $165,000 after acquiring an additional 1,823 shares during the period. 74.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total transaction of $251,994.24. Following the transaction, the chief executive officer owned 4,212,849 shares in the company, valued at $72,798,030.72. The trade was a 0.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Pankaj Sharma sold 5,000 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $19.71, for a total value of $98,550.00. Following the transaction, the insider owned 186,926 shares in the company, valued at approximately $3,684,311.46. This represents a 2.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 84,360 shares of company stock worth $1,579,449 in the last ninety days. Corporate insiders own 8.10% of the company's stock.

Remitly Global Price Performance

RELY stock traded up $0.53 during mid-day trading on Wednesday, hitting $19.45. 3,008,045 shares of the stock were exchanged, compared to its average volume of 4,216,515. The business has a fifty day moving average price of $18.12 and a 200 day moving average price of $20.19. Remitly Global, Inc. has a 12 month low of $12.43 and a 12 month high of $27.32. The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of 324.22 and a beta of 0.13.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data 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). The company had revenue of $411.85 million during the quarter, compared to analysts' expectations of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The firm's quarterly revenue was up 34.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.06) EPS. As a group, equities analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RELY shares. KeyCorp reaffirmed an "overweight" rating and issued a $28.00 price target (up from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Wall Street Zen lowered Remitly Global from a "buy" rating to a "hold" rating in a report on Saturday. 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 report on Thursday, May 8th. Barclays raised their price target on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Finally, Monness Crespi & Hardt raised their price target on Remitly Global from $30.00 to $32.00 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 given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $29.00.

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.