Osterweis Capital Management Inc. Makes New $7.57 Million Investment in Remitly Global, Inc. $RELY

Key Points

• Osterweis Capital Management Inc. has made a new investment of approximately $7.57 million in Remitly Global, purchasing around 363,750 shares.
• Insider transactions include CEO Matthew B. Oppenheimer's sale of 14,583 shares, reflecting a 0.34% decrease in his ownership.
• Analysts have upgraded Remitly Global's stock, with a current average target price of $29.00 and a consensus rating of "Moderate Buy."

Osterweis Capital Management Inc. bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 363,750 shares of the financial services provider's stock, valued at approximately $7,566,000. Osterweis Capital Management Inc. owned about 0.18% of Remitly Global as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Rhumbline Advisers grew its stake in shares of Remitly Global by 5.4% in the first quarter. Rhumbline Advisers now owns 219,702 shares of the financial services provider's stock worth $4,570,000 after purchasing an additional 11,213 shares during the last quarter. Strs Ohio bought a new stake in shares of Remitly Global in the first quarter worth $1,046,000. Intech Investment Management LLC grew its stake in shares of Remitly Global by 53.0% in the first quarter. Intech Investment Management LLC now owns 92,850 shares of the financial services provider's stock worth $1,931,000 after purchasing an additional 32,150 shares during the last quarter. Focus Partners Wealth bought a new stake in shares of Remitly Global in the first quarter worth $1,458,000. Finally, Flaharty Asset Management LLC bought a new stake in shares of Remitly Global in the first quarter worth $94,000. Institutional investors own 74.25% of the company's stock.

Insider Activity

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total transaction of $251,994.24. Following the sale, the chief executive officer owned 4,212,849 shares of the company's stock, valued at approximately $72,798,030.72. This represents a 0.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00. Following the transaction, the director owned 112,496 shares in the company, valued at $2,249,920. This represents a 4.26% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,360 shares of company stock worth $1,477,749. 7.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on RELY shares. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research note on Sunday, September 7th. KeyCorp reissued an "overweight" rating and issued a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $29.00.

Remitly Global Trading Down 1.2%

Shares of RELY opened at $18.64 on Friday. The stock has a market capitalization of $3.84 billion, a P/E ratio of 310.72 and a beta of 0.13. The firm's fifty day simple moving average is $18.22 and its two-hundred day simple moving average is $19.94. Remitly Global, Inc. has a 12 month low of $12.43 and a 12 month high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.14). The firm had revenue of $411.85 million for the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The business's revenue was up 34.4% compared to the same quarter last year. During the same period last year, the company posted ($0.06) EPS. As a group, research analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.