Remitly Global, Inc. $RELY Stake Lifted by GSA Capital Partners LLP

Key Points

• GSA Capital Partners sharply increased its Remitly Global stake by 1,484.2% in the fourth quarter, ending with 361,033 shares worth about $5.0 million. Remitly is now its third-largest holding.
• Remitly reported better-than-expected quarterly results, posting EPS of $0.23 versus the $0.12 consensus estimate and revenue of $452.8 million, up 25.2% year over year. Analysts now expect full-year EPS of $0.67.
• Wall Street sentiment remains constructive, with a consensus “Moderate Buy” rating and average target price of $24.63. However, insider selling continued, including notable sales by Director Phillip John Riese and insider Pankaj Sharma.

GSA Capital Partners LLP boosted its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 1,484.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 361,033 shares of the financial services provider's stock after purchasing an additional 338,244 shares during the period. Remitly Global makes up 0.4% of GSA Capital Partners LLP's investment portfolio, making the stock its 3rd largest holding. GSA Capital Partners LLP owned about 0.17% of Remitly Global worth $4,982,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Torren Management LLC purchased a new stake in shares of Remitly Global in the fourth quarter valued at about $25,000. Essex Investment Management Co. LLC purchased a new stake in shares of Remitly Global in the third quarter valued at about $33,000. GAMMA Investing LLC boosted its holdings in shares of Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 1,628 shares in the last quarter. HighMark Wealth Management LLC purchased a new stake in shares of Remitly Global in the fourth quarter valued at about $35,000. Finally, Quarry LP purchased a new stake in shares of Remitly Global in the third quarter valued at about $42,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Stock Down 5.1%

Shares of NASDAQ RELY opened at $21.44 on Tuesday. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.92. The firm has a 50-day moving average price of $18.70 and a 200 day moving average price of $15.70. The stock has a market capitalization of $4.51 billion, a price-to-earnings ratio of 43.76 and a beta of 0.40.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The firm had revenue of $452.80 million during the quarter, compared to analysts' expectations of $438.94 million. During the same quarter last year, the business earned $0.05 earnings per share. The business's revenue for the quarter was up 25.2% compared to the same quarter last year. Equities research analysts expect that Remitly Global, Inc. will post 0.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. KeyCorp lifted their target price on shares of Remitly Global from $21.00 to $23.00 and gave the company an "overweight" rating in a report on Tuesday, April 21st. Wall Street Zen downgraded shares of Remitly Global from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 28th. Bank of America assumed coverage on shares of Remitly Global in a report on Tuesday, February 10th. They issued a "buy" rating and a $18.00 target price on the stock. Freedom Capital raised shares of Remitly Global to a "strong-buy" rating in a report on Wednesday, April 1st. Finally, Weiss Ratings raised shares of Remitly Global from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Remitly Global currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.63.

Insider Activity at Remitly Global

In other Remitly Global news, Director Phillip John Riese sold 40,000 shares of Remitly Global stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $20.04, for a total transaction of $801,600.00. Following the completion of the transaction, the director owned 122,496 shares in the company, valued at approximately $2,454,819.84. The trade was a 24.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pankaj Sharma sold 10,000 shares of Remitly Global stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. Following the transaction, the insider owned 665,878 shares of the company's stock, valued at approximately $13,317,560. The trade was a 1.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 12,191,403 shares of company stock valued at $195,543,490 in the last quarter. 6.53% of the stock is owned by corporate insiders.

Remitly Global Company Profile

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.

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