Renaissance Technologies LLC Decreases Position in Remitly Global, Inc. $RELY

Key Points

• Renaissance Technologies cut its Remitly Global stake by 84.7% in the first quarter, selling 166,447 shares and retaining 30,000 shares worth approximately $470,000.
• Remitly reported strong quarterly results, with revenue up 20.2% year over year and adjusted EPS of $0.93 versus the $0.12 consensus estimate. Analysts maintain a generally favorable “Moderate Buy” consensus with an average price target of $27.67.
• Insiders have been selling shares: directors sold more than 511,000 shares valued at roughly $12 million over the past 90 days, though insider ownership remains at 6.53%.

Renaissance Technologies LLC lessened its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 84.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 30,000 shares of the financial services provider's stock after selling 166,447 shares during the quarter. Renaissance Technologies LLC's holdings in Remitly Global were worth $470,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Summit Securities Group LLC bought a new position in Remitly Global during the first quarter valued at $26,000. Torren Management LLC purchased a new stake in Remitly Global in the fourth quarter worth $25,000. Cullen Frost Bankers Inc. bought a new stake in shares of Remitly Global in the fourth quarter valued at $28,000. HighMark Wealth Management LLC bought a new stake in shares of Remitly Global in the fourth quarter valued at $35,000. Finally, Quarry LP purchased a new position in shares of Remitly Global during the 3rd quarter valued at $42,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

Key Headlines Impacting Remitly Global

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Zacks upgraded Remitly to Rank #1, or “Strong Buy.” The upgrade reflects improving expectations for the company’s earnings prospects and could provide near-term support for RELY shares. Zacks Strong Buy rating upgrade article
• Positive Sentiment: Rising earnings estimates signal potential upside. Zacks said recent estimate revisions indicate strengthening analyst expectations, a factor that can improve sentiment and momentum around the stock. Rising earnings estimates article
• Positive Sentiment: RELY was included on multiple Zacks Strong Buy and momentum-stock lists. The additional visibility may attract short-term momentum-oriented investors. Zacks momentum stocks article
• Positive Sentiment: Brokerages maintain a consensus “Moderate Buy” recommendation. This indicates generally favorable, though not unanimous, Wall Street sentiment. Remitly brokerage recommendation article
• Neutral Sentiment: Remitly’s latest reported quarter showed revenue growth of 20.2% year over year and adjusted earnings that substantially exceeded consensus expectations, providing fundamental support for the recent advance.
• Negative Sentiment: Director Nigel W. Morris sold 31,000 shares for approximately $805,490 across August 13–14. The sales were relatively small compared with his remaining ownership of more than 1.85 million shares, but continued insider selling can temper bullish sentiment. SEC insider transaction filing

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Weiss Ratings upgraded Remitly Global from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Citigroup restated an "outperform" rating on shares of Remitly Global in a research note on Thursday, August 6th. KeyCorp upped their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Zacks Research lowered shares of Remitly Global from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 20th. Finally, The Goldman Sachs Group lifted their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $27.67.

Remitly Global Price Performance

Remitly Global stock opened at $26.30 on Tuesday. The firm has a market capitalization of $5.57 billion, a P/E ratio of 18.92 and a beta of 0.34. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $27.15. The business has a fifty day moving average price of $22.87 and a 200-day moving average price of $19.58.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.81. The company had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.03 EPS. Sell-side analysts expect that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Insider Transactions at Remitly Global

In related news, Director Phillip John Riese sold 69,818 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $23.54, for a total transaction of $1,643,515.72. Following the completion of the transaction, the director owned 261,094 shares of the company's stock, valued at approximately $6,146,152.76. The trade was a 21.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Nigel W. Morris sold 20,000 shares of the business's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $26.20, for a total transaction of $524,000.00. Following the transaction, the director directly owned 1,851,056 shares of the company's stock, valued at approximately $48,497,667.20. This represents a 1.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 511,443 shares of company stock valued at $12,044,030. 6.53% of the stock is currently 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.

Want to see what other hedge funds are holding RELY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Remitly Global, Inc. (NASDAQ:RELY - Free Report).

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