363,750 Shares in Remitly Global, Inc. $RELY Purchased by Osterweis Capital Management Inc.

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 Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Elequin Capital LP bought a new position in shares of Remitly Global during the 1st quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Remitly Global during the first quarter valued at $41,000. Exchange Traded Concepts LLC bought a new position in Remitly Global in the first quarter valued at about $46,000. Caitong International Asset Management Co. Ltd purchased a new position in Remitly Global in the first quarter worth about $66,000. Finally, Flaharty Asset Management LLC purchased a new position in Remitly Global in the first quarter worth about $94,000. Institutional investors own 74.25% of the company's stock.

Insider Transactions at Remitly Global

In related news, Director Joshua Hug sold 40,777 shares of the business's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $18.41, for a total value of $750,704.57. Following the sale, the director owned 3,654,288 shares in the company, valued at approximately $67,275,442.08. The trade was a 1.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00. Following the sale, the director directly owned 112,496 shares in the company, valued at approximately $2,249,920. The trade was a 4.26% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,360 shares of company stock worth $1,477,749. 8.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RELY shares. JMP Securities lowered their price objective on shares of Remitly Global from $32.00 to $23.00 and set a "market outperform" rating on the stock in a research note on Monday. Wall Street Zen upgraded shares of Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday, September 7th. Finally, KeyCorp reissued an "overweight" rating and set a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Remitly Global presently has an average rating of "Moderate Buy" and a consensus price target of $27.88.

Remitly Global Stock Up 1.1%

NASDAQ:RELY traded up $0.19 on Wednesday, reaching $17.39. 727,929 shares of the company's stock traded hands, compared to its average volume of 3,000,347. The stock has a 50-day simple moving average of $18.16 and a 200-day simple moving average of $19.77. Remitly Global, Inc. has a 12 month low of $12.43 and a 12 month high of $27.32. The firm has a market cap of $3.58 billion, a PE ratio of 289.80 and a beta of 0.13.

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 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 company had revenue of $411.85 million for the quarter, compared to analysts' expectations of $384.59 million. During the same period in the previous year, the business posted ($0.06) earnings per share. The business's revenue was up 34.4% on a year-over-year basis. On average, equities analysts anticipate 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.