Neo Ivy Capital Management Makes New $1.60 Million Investment in Remitly Global, Inc. $RELY

Key Points

• Neo Ivy Capital Management acquired a new stake of 98,328 shares in Remitly (NASDAQ:RELY) in Q3, valued at approximately $1.60 million per its Form 13F filing.
• Company insiders have sold 66,549 shares over the last 90 days (including CFO Vikas Mehta and director Joshua Hug), reducing insider ownership to about 7.5%, while institutional investors own 74.25%.
• Remitly reported a quarterly EPS of $0.19 beating estimates and revenue up 25.7% year‑over‑year; analysts' consensus rating is a Buy with a target of $22.78.

Neo Ivy Capital Management acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 98,328 shares of the financial services provider's stock, valued at approximately $1,603,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in Remitly Global by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider's stock valued at $70,347,000 after purchasing an additional 129,706 shares during the period. State Street Corp grew its position in Remitly Global by 4.5% in the 2nd quarter. State Street Corp now owns 3,442,163 shares of the financial services provider's stock worth $64,609,000 after purchasing an additional 146,768 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Remitly Global by 97.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,986,570 shares of the financial services provider's stock worth $56,058,000 after purchasing an additional 1,472,210 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Remitly Global by 10.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,813,511 shares of the financial services provider's stock worth $45,863,000 after purchasing an additional 263,558 shares during the period. Finally, Marshall Wace LLP raised its position in shares of Remitly Global by 12.6% during the second quarter. Marshall Wace LLP now owns 2,637,068 shares of the financial services provider's stock valued at $49,498,000 after buying an additional 294,867 shares during the last quarter. Institutional investors own 74.25% of the company's stock.

Remitly Global Price Performance

Shares of RELY stock opened at $17.04 on Friday. The stock's fifty day moving average is $14.30 and its 200-day moving average is $15.22. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The stock has a market capitalization of $3.59 billion, a PE ratio of 54.97 and a beta of 0.06. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.70.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.17. The business had revenue of $442.18 million during the quarter, compared to analysts' expectations of $427.27 million. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The firm's revenue for the quarter was up 25.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.03) earnings per share. Equities research analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Activity at Remitly Global

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of the business's stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $17.50, for a total value of $437,500.00. Following the completion of the transaction, the chief financial officer directly owned 862,759 shares of the company's stock, valued at approximately $15,098,282.50. The trade was a 2.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joshua Hug sold 29,049 shares of the company's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $17.98, for a total transaction of $522,301.02. Following the transaction, the director owned 3,575,733 shares in the company, valued at $64,291,679.34. The trade was a 0.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 66,549 shares of company stock worth $1,139,256. 7.50% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently weighed in on RELY. Oppenheimer set a $20.00 target price on shares of Remitly Global in a research note on Thursday, February 19th. Weiss Ratings upgraded Remitly Global from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, February 20th. Bank of America initiated coverage on Remitly Global in a report on Tuesday, February 10th. They issued a "buy" rating and a $18.00 price target for the company. Wall Street Zen upgraded Remitly Global from a "buy" rating to a "strong-buy" rating in a research report on Saturday, February 21st. Finally, Citigroup reissued an "outperform" rating on shares of Remitly Global in a report on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $22.78.

About Remitly Global

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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