Osterweis Capital Management Inc. Invests $7.57 Million in Remitly Global, Inc. $RELY

Key Points

• Osterweis Capital Management Inc. acquired 363,750 shares of Remitly Global, valued at approximately $7.57 million, representing a 0.18% ownership stake in the company.
• Several hedge funds made new investments in Remitly Global during the first quarter, with institutional investors owning 74.25% of the company's stock.
• Remitly Global's quarterly earnings report showed a revenue increase of 34.4% year-over-year, with a reported EPS of $0.04, compared to analysts' estimates of $0.18.

Osterweis Capital Management Inc. bought a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and 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.

A number of other hedge funds have also modified their holdings of RELY. Townsquare Capital LLC raised its holdings in Remitly Global by 2.5% during the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider's stock worth $393,000 after buying an additional 459 shares during the period. Xponance Inc. grew its stake in shares of Remitly Global by 4.8% during the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock worth $237,000 after acquiring an additional 518 shares in the last quarter. Comerica Bank grew its stake in shares of Remitly Global by 2.1% during the 4th quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock worth $577,000 after acquiring an additional 534 shares in the last quarter. Elequin Capital LP bought a new position in shares of Remitly Global during the 1st quarter worth approximately $30,000. Finally, KBC Group NV grew its stake in shares of Remitly Global by 29.8% during the 1st 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 in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RELY has been the subject of several research reports. Barclays raised their price target 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 reissued an "overweight" rating and issued a $28.00 target price (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. The Goldman Sachs Group raised their target price on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research note on Sunday, August 17th. Finally, Monness Crespi & Hardt raised their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $29.00.

Remitly Global Stock Up 2.3%

Shares of RELY traded up $0.43 during midday trading on Friday, reaching $19.05. 3,318,801 shares of the stock were exchanged, compared to its average volume of 4,601,825. Remitly Global, Inc. has a twelve month low of $12.43 and a twelve month high of $27.32. The company has a market cap of $3.93 billion, a P/E ratio of 317.55 and a beta of 0.12. The stock's 50 day simple moving average is $18.36 and its 200 day simple moving average is $20.58.

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

Insider Activity at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction that occurred on 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 directly owned 4,212,849 shares of the company's stock, valued at $72,798,030.72. This represents a 0.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Luke Tavis sold 2,920 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $21.15, for a total value of $61,758.00. Following the completion of the sale, the chief accounting officer directly owned 1,208 shares of the company's stock, valued at $25,549.20. The trade was a 70.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 128,250 shares of company stock valued at $2,623,250. Corporate insiders own 7.50% of the company's stock.

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.