Petrus Trust Company LTA Raises Holdings in Remitly Global, Inc. $RELY

Key Points

• Petrus Trust Company LTA increased its holdings in Remitly Global, Inc. by 170.9% during Q1, now owning 47,486 shares valued at approximately $988,000.
• Insiders at Remitly Global sold a combined total of 84,360 shares worth about $1.58 million over the last ninety days.
• Remitly reported a 34.4% year-over-year increase in revenue for the last quarter, although it missed analysts' earnings per share estimates.

Petrus Trust Company LTA grew its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 170.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,486 shares of the financial services provider's stock after purchasing an additional 29,954 shares during the period. Petrus Trust Company LTA's holdings in Remitly Global were worth $988,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Elequin Capital LP acquired a new position in Remitly Global during the first quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Remitly Global during the first quarter worth $41,000. Exchange Traded Concepts LLC acquired a new position in Remitly Global during the first quarter worth $46,000. Caitong International Asset Management Co. Ltd acquired a new position in Remitly Global during the first quarter worth $66,000. Finally, KBC Group NV lifted its stake in Remitly Global by 29.8% during the first quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock worth $165,000 after purchasing an additional 1,823 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Remitly Global news, insider Pankaj Sharma sold 5,000 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $19.71, for a total value of $98,550.00. Following the sale, the insider directly owned 186,926 shares in the company, valued at $3,684,311.46. This trade represents a 2.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $20.34, for a total value of $101,700.00. Following the completion of the sale, the director owned 102,257 shares in the company, valued at approximately $2,079,907.38. This represents a 4.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 84,360 shares of company stock valued at $1,579,449. 7.50% of the stock is currently owned by company insiders.

Remitly Global Trading Down 1.0%

NASDAQ:RELY opened at $19.49 on Friday. The firm has a market cap of $4.02 billion, a PE ratio of 324.89 and a beta of 0.13. The stock has a fifty day moving average price of $18.15 and a 200 day moving average price of $20.09. 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 released its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.14). The company had revenue of $411.85 million during the quarter, compared to analysts' expectations of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The company's revenue for the quarter was up 34.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.06) earnings per share. Equities analysts forecast that Remitly Global, Inc. will post -0.04 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on RELY shares. Wall Street Zen cut Remitly Global from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. KeyCorp restated an "overweight" rating and set a $28.00 price target (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Finally, Barclays increased their price objective on Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $29.00.

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.

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