Voleon Capital Management LP Acquires 41,635 Shares of Remitly Global, Inc. $RELY

Key Points

• Voleon Capital Management LP increased its holdings in Remitly Global by 52.0% during the first quarter, now owning 121,706 shares valued at approximately $2.53 million.
• Analysts have a Moderate Buy rating on Remitly Global, with an average target price of $29.00, following several upgrades from firms like Barclays and KeyCorp.
• Despite reporting earnings that missed estimates, Remitly Global's revenue for the quarter rose by 34.4% year-over-year to $411.85 million.

Voleon Capital Management LP raised its position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 52.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 121,706 shares of the financial services provider's stock after purchasing an additional 41,635 shares during the quarter. Voleon Capital Management LP owned 0.06% of Remitly Global worth $2,531,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in RELY. Alliancebernstein L.P. boosted its holdings in shares of Remitly Global by 366.8% during the 1st quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider's stock valued at $106,867,000 after acquiring an additional 4,037,151 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in shares of Remitly Global during the 1st quarter valued at about $32,731,000. Nuveen LLC purchased a new stake in shares of Remitly Global during the 1st quarter valued at about $32,703,000. Marathon Partners Equity Management LLC purchased a new stake in shares of Remitly Global during the 4th quarter valued at about $20,877,000. Finally, Lord Abbett & CO. LLC boosted its holdings in shares of Remitly Global by 103.8% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,743,496 shares of the financial services provider's stock valued at $36,265,000 after acquiring an additional 887,859 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Insider Activity at Remitly Global

In related news, Director Phillip John Riese sold 5,000 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the sale, the director owned 112,496 shares in the company, valued at approximately $2,249,920. The trade was a 4.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction 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 completion of the sale, the chief executive officer owned 4,212,849 shares in the company, valued at $72,798,030.72. This represents a 0.34% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 79,360 shares of company stock worth $1,477,749. 7.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday, September 7th. KeyCorp reaffirmed an "overweight" rating and set a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Remitly Global has a consensus rating of "Moderate Buy" and a consensus target price of $29.00.

Remitly Global Stock Down 2.6%

NASDAQ:RELY traded down $0.48 during trading hours on Friday, hitting $18.16. 1,852,092 shares of the stock traded hands, compared to its average volume of 3,124,878. Remitly Global, Inc. has a 1 year low of $12.43 and a 1 year high of $27.32. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 302.72 and a beta of 0.13. The stock has a 50 day moving average price of $18.22 and a 200 day moving average price of $19.84.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The firm had revenue of $411.85 million for the quarter, compared to analysts' expectations of $384.59 million. During the same period in the prior year, the firm earned ($0.06) EPS. Remitly Global's revenue for the quarter was up 34.4% compared to the same quarter last year. Equities analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

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.