Sciencast Management LP Buys Shares of 35,544 Remitly Global, Inc. $RELY

Key Points

• Sciencast Management LP has acquired a new stake in Remitly Global, purchasing 35,544 shares valued at approximately $739,000 during the first quarter.
• Remitly Global's shares have increased by 2.3%, and the company reported revenue of $411.85 million for the last quarter, exceeding consensus estimates.
• Analysts have a positive outlook for Remitly Global, with multiple firms upgrading their ratings and adjusting target prices to a consensus of $29.00 per share.

Sciencast Management LP bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 35,544 shares of the financial services provider's stock, valued at approximately $739,000.

Several other institutional investors have also modified their holdings of the company. Comerica Bank lifted its holdings in 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. Ameriprise Financial Inc. lifted its position in shares of Remitly Global by 24.5% in the fourth quarter. Ameriprise Financial Inc. now owns 210,198 shares of the financial services provider's stock worth $4,744,000 after purchasing an additional 41,346 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in Remitly Global in the fourth quarter worth approximately $9,301,000. Bank of America Corp DE increased its holdings in Remitly Global by 66.1% in the fourth quarter. Bank of America Corp DE now owns 407,253 shares of the financial services provider's stock worth $9,192,000 after buying an additional 162,118 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in Remitly Global by 13.8% in the fourth quarter. Deutsche Bank AG now owns 1,968,918 shares of the financial services provider's stock worth $44,438,000 after buying an additional 239,440 shares during the last quarter. Institutional investors own 74.25% of the company's stock.

Remitly Global Stock Down 2.6%

RELY stock traded down $0.48 during midday trading on Friday, reaching $18.16. The stock had a trading volume of 1,852,092 shares, compared to its average volume of 3,124,878. The business has a fifty day simple moving average of $18.22 and a two-hundred day simple moving average of $19.84. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of 302.72 and a beta of 0.13. Remitly Global, Inc. has a twelve month low of $12.43 and a twelve 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 the consensus estimate of $0.18 by ($0.14). The company had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.Remitly Global's quarterly revenue was up 34.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.06) earnings per share. On average, equities analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Pankaj Sharma sold 5,000 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $19.71, for a total value of $98,550.00. Following the completion of the transaction, the insider directly owned 186,926 shares in the company, valued at approximately $3,684,311.46. The trade was a 2.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total value of $251,994.24. Following the completion of the transaction, the chief executive officer owned 4,212,849 shares of the company's stock, valued at $72,798,030.72. This represents a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 79,360 shares of company stock valued at $1,477,749 over the last 90 days. 7.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

RELY has been the topic of several research analyst reports. Wall Street Zen upgraded shares of Remitly Global from a "hold" rating to a "buy" rating in a research note on Sunday, September 7th. KeyCorp reaffirmed an "overweight" rating and issued a $28.00 target price (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $29.00.

About Remitly Global

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.