Remitly Global, Inc. $RELY Shares Bought by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Remitly Global by 21.8% in the first quarter, acquiring a total of 151,705 shares now valued at approximately $3.15 million.
• Remitly Global reported earnings with $0.04 EPS, missing expectations, despite a revenue increase of 34.4% year-over-year, reaching $411.85 million.
• Analysts have shown optimism, with several raising price targets for Remitly Global, including KeyCorp’s target of $28.00 and Monness Crespi & Hardt’s target of $32.00.

Russell Investments Group Ltd. lifted its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 21.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 151,705 shares of the financial services provider's stock after purchasing an additional 27,105 shares during the quarter. Russell Investments Group Ltd. owned about 0.07% of Remitly Global worth $3,155,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in RELY. Nuveen LLC acquired a new stake in Remitly Global in the 1st quarter worth about $32,703,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Remitly Global by 1,032.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider's stock worth $31,614,000 after acquiring an additional 1,276,991 shares during the period. ArrowMark Colorado Holdings LLC boosted its position in shares of Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock worth $107,751,000 after acquiring an additional 1,220,806 shares during the last quarter. Marathon Partners Equity Management LLC purchased a new stake in Remitly Global in the fourth quarter valued at approximately $20,877,000. Finally, Lord Abbett & CO. LLC acquired a new position in Remitly Global during the fourth quarter worth approximately $19,312,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Price Performance

NASDAQ:RELY opened at $19.05 on Friday. The business's 50-day moving average is $18.36 and its two-hundred day moving average is $20.55. The firm has a market capitalization of $3.93 billion, a PE ratio of 317.55 and a beta of 0.12. 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 posted 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 analyst estimates of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. Remitly Global's quarterly revenue was up 34.4% compared to the same quarter last year. During the same quarter last year, the business posted ($0.06) EPS. Equities analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Analysts Set New Price Targets

RELY has been the topic of a number of recent analyst reports. KeyCorp reaffirmed an "overweight" rating and set a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Monness Crespi & Hardt lifted their target price on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Wall Street Zen raised Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday, August 17th. Barclays lifted 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. Finally, The Goldman Sachs Group increased their target price on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $29.00.

Insider Buying and Selling

In related news, Director Joshua Hug sold 10,000 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $19.65, for a total transaction of $196,500.00. Following the completion of the sale, the director directly owned 3,663,811 shares of the company's stock, valued at approximately $71,993,886.15. This trade represents a 0.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Phillip John Riese sold 5,000 shares of Remitly Global stock in a transaction on Thursday, August 14th. The stock was 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 $2,249,920. This trade represents a 4.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 128,250 shares of company stock valued at $2,623,250 over the last three months. Company insiders own 7.50% of the company's stock.

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.

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