Remitly Global, Inc. $RELY Position Boosted by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Remitly Global stake by 24.7% in the first quarter, bringing its holdings to 208,409 shares worth approximately $3.27 million. Institutional investors collectively own 74.25% of the company.
• Analysts maintain a generally positive view, with Remitly receiving a “Moderate Buy” consensus rating and an average price target of $27.44. KeyCorp raised its target to $33, while Wolfe Research set a $31 target and reaffirmed an “outperform” rating.
• Remitly reported quarterly EPS of $0.93, substantially above the $0.12 consensus estimate, while revenue rose 20.2% year over year to $495.16 million. The stock opened at $24.42, compared with a 52-week range of $12.08 to $27.15.

California State Teachers Retirement System increased its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 24.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 208,409 shares of the financial services provider's stock after purchasing an additional 41,221 shares during the period. California State Teachers Retirement System owned 0.10% of Remitly Global worth $3,266,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Summit Securities Group LLC acquired a new stake in Remitly Global during the first quarter valued at approximately $26,000. Torren Management LLC bought a new stake in shares of Remitly Global in the 4th quarter valued at approximately $25,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Remitly Global during the 4th quarter valued at approximately $28,000. HighMark Wealth Management LLC bought a new position in Remitly Global during the fourth quarter worth $35,000. Finally, Quarry LP acquired a new position in Remitly Global in the third quarter worth $42,000. 74.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

RELY has been the topic of a number of research reports. KeyCorp increased their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday. Zacks Research lowered shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 20th. Citigroup reissued an "outperform" rating on shares of Remitly Global in a report on Thursday. Weiss Ratings raised Remitly Global from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, June 3rd. Finally, Wolfe Research reiterated an "outperform" rating and set a $31.00 price target on shares of Remitly Global in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Remitly Global currently has an average rating of "Moderate Buy" and a consensus target price of $27.44.

Remitly Global Price Performance

Remitly Global stock opened at $24.42 on Monday. The firm has a 50-day moving average price of $22.24 and a two-hundred day moving average price of $19.12. The firm has a market capitalization of $5.17 billion, a price-to-earnings ratio of 17.57 and a beta of 0.34. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm had revenue of $495.16 million during the quarter, compared to analysts' expectations of $486.25 million. During the same quarter in the prior year, the firm earned $0.03 EPS. Remitly Global's quarterly revenue was up 20.2% on a year-over-year basis. Research analysts expect that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 16,000 shares of Remitly Global stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total transaction of $320,160.00. Following the sale, the insider owned 767,810 shares of the company's stock, valued at $15,363,878.10. The trade was a 2.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total value of $526,750.00. Following the transaction, the chief financial officer owned 988,004 shares of the company's stock, valued at $20,817,244.28. This trade represents a 2.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 136,005 shares of company stock valued at $2,869,717. 6.53% of the stock is currently owned by insiders.

About Remitly Global

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source