Pekin Hardy Strauss Inc. Has $1.69 Million Stock Holdings in Remitly Global, Inc. $RELY

Key Points

• Pekin Hardy Strauss Inc. boosted its Q4 position in Remitly by 581.8% to 122,716 shares, worth about $1.69 million (≈0.06% of the company).
• Remitly beat Q4 estimates with $0.19 EPS (vs. $0.02 est.) and $442.2M revenue (+25.7% YoY); analysts' consensus is a Moderate Buy with a $22.67 target while the stock trades near $21.89 (market cap ~$4.6B).
• There was heavy insider selling last quarter—about 12.15M shares (~$194.4M) were sold, including Ltd Naspers' 12M-share sale (~$191.8M); insiders now own 8.1% of the company.

Pekin Hardy Strauss Inc. grew its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 581.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 122,716 shares of the financial services provider's stock after buying an additional 104,716 shares during the period. Pekin Hardy Strauss Inc. owned approximately 0.06% of Remitly Global worth $1,693,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. LB Partners LLC grew its stake in shares of Remitly Global by 60.4% in the third quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider's stock valued at $16,554,000 after acquiring an additional 382,314 shares in the last quarter. Renaissance Group LLC raised its stake in Remitly Global by 52.0% in the 3rd quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider's stock worth $8,069,000 after purchasing an additional 169,271 shares in the last quarter. Capelight Capital Asset Management LP bought a new stake in Remitly Global in the 4th quarter valued at about $1,380,000. JPMorgan Chase & Co. boosted its holdings in Remitly Global by 5.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,138,754 shares of the financial services provider's stock valued at $34,862,000 after purchasing an additional 104,716 shares during the period. Finally, Baillie Gifford & Co. grew its position in shares of Remitly Global by 48.2% during the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider's stock worth $160,888,000 after purchasing an additional 3,790,210 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Remitly Global from a "strong-buy" rating to a "buy" rating in a research report on Saturday, March 28th. Bank of America started coverage on Remitly Global in a research report on Tuesday, February 10th. They set a "buy" rating and a $18.00 price target on the stock. Citizens Jmp raised their price objective on Remitly Global from $20.00 to $22.00 and gave the stock a "market outperform" rating in a research note on Thursday, February 19th. Oppenheimer set a $20.00 price objective on Remitly Global in a report on Thursday, February 19th. Finally, Cantor Fitzgerald increased their target price on Remitly Global from $20.00 to $24.00 and gave the stock an "overweight" rating in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $22.67.

Remitly Global Stock Performance

Shares of NASDAQ:RELY opened at $21.89 on Thursday. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $24.70. The stock has a market capitalization of $4.60 billion, a price-to-earnings ratio of 70.61, a price-to-earnings-growth ratio of 0.75 and a beta of 0.09. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.30 and a quick ratio of 3.30. The company's 50 day simple moving average is $17.31 and its 200 day simple moving average is $15.16.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.17. The firm 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 company's quarterly revenue was up 25.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.03) earnings per share. As a group, research analysts predict that Remitly Global, Inc. will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In related news, insider Pankaj Sharma sold 10,000 shares of the firm's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $20.00, for a total value of $200,000.00. Following the sale, the insider directly owned 665,878 shares of the company's stock, valued at $13,317,560. This trade represents a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ltd Naspers sold 12,000,000 shares of the business's stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $15.98, for a total value of $191,760,000.00. Following the transaction, the insider directly owned 13,441,745 shares of the company's stock, valued at approximately $214,799,085.10. The trade was a 47.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 12,146,720 shares of company stock worth $194,410,894 over the last quarter. 8.10% of the stock is currently owned by company insiders.

Remitly Global Company Profile

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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