Voleon Capital Management LP Increases Stock Holdings in 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 lifted its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 52.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 121,706 shares of the financial services provider's stock after buying an additional 41,635 shares during the quarter. Voleon Capital Management LP owned approximately 0.06% of Remitly Global worth $2,531,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RELY. Townsquare Capital LLC lifted its holdings in Remitly Global by 2.5% during the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider's stock worth $393,000 after buying an additional 459 shares during the last quarter. Xponance Inc. increased its holdings in shares of Remitly Global by 4.8% in the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider's stock valued at $237,000 after acquiring an additional 518 shares during the last quarter. Comerica Bank increased its holdings in shares of Remitly Global by 2.1% in the 4th quarter. Comerica Bank now owns 25,583 shares of the financial services provider's stock valued at $577,000 after acquiring an additional 534 shares during the last quarter. Elequin Capital LP purchased a new position in shares of Remitly Global in the 1st quarter valued at about $30,000. Finally, KBC Group NV increased its holdings in shares of Remitly Global by 29.8% in the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock valued at $165,000 after acquiring an additional 1,823 shares during the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on RELY. Wall Street Zen upgraded Remitly Global from a "hold" rating to a "buy" rating in a report on Sunday, September 7th. KeyCorp reiterated an "overweight" rating and issued a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $29.00.

Remitly Global Stock Performance

Remitly Global stock traded down $0.48 during mid-day trading on Friday, reaching $18.16. 1,852,092 shares of the company were exchanged, compared to its average volume of 2,993,632. Remitly Global, Inc. has a twelve month low of $12.43 and a twelve month high of $27.32. The firm's 50-day simple moving average is $18.22 and its two-hundred day simple moving average is $19.94. The firm has a market cap of $3.74 billion, a PE ratio of 302.72 and a beta of 0.13.

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 the consensus estimate of $0.18 by ($0.14). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The business had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. During the same quarter in the previous year, the firm posted ($0.06) EPS. The business's revenue for the quarter was up 34.4% on a year-over-year basis. As a group, equities research analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

Insider Transactions at Remitly Global

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of the 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 owned 112,496 shares in the company, valued at approximately $2,249,920. This represents a 4.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joshua Hug sold 40,777 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $18.41, for a total value of $750,704.57. Following the sale, the director owned 3,654,288 shares in the company, valued at approximately $67,275,442.08. This trade represents a 1.10% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 79,360 shares of company stock valued at $1,477,749. 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.