Sciencast Management LP Purchases New Holdings in 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 purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 35,544 shares of the financial services provider's stock, valued at approximately $739,000.

Several other institutional investors and hedge funds have also modified their holdings of RELY. Vanguard Group Inc. raised its position in shares of Remitly Global by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 14,957,152 shares of the financial services provider's stock valued at $311,109,000 after purchasing an additional 306,099 shares during the period. Alliancebernstein L.P. raised its position 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 purchasing an additional 4,037,151 shares during the period. Deutsche Bank AG raised its position in shares of Remitly Global by 20.4% during the 1st quarter. Deutsche Bank AG now owns 2,371,335 shares of the financial services provider's stock valued at $49,324,000 after purchasing an additional 402,417 shares during the period. Nuveen Asset Management LLC raised its position in shares of Remitly Global by 2.5% during the 4th quarter. Nuveen Asset Management LLC now owns 1,877,147 shares of the financial services provider's stock valued at $42,367,000 after purchasing an additional 45,579 shares during the period. Finally, Lord Abbett & CO. LLC raised its position 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 purchasing an additional 887,859 shares during the period. Hedge funds and other institutional investors own 74.25% of the company's stock.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 40,777 shares of Remitly Global 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 completion of the transaction, the director directly owned 3,654,288 shares of the company's stock, valued at $67,275,442.08. This trade represents a 1.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Phillip John Riese sold 5,000 shares of Remitly Global 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 completion of the transaction, the director directly owned 112,496 shares of the company's stock, valued at $2,249,920. The trade was a 4.26% decrease in their ownership of the stock. 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. Corporate insiders own 7.50% of the company's stock.

Wall Street Analyst Weigh In

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

Remitly Global Stock Down 2.6%

NASDAQ RELY traded down $0.48 on Friday, reaching $18.16. The company had a trading volume of 1,852,092 shares, compared to its average volume of 2,993,632. The stock has a market capitalization of $3.74 billion, a PE ratio of 302.72 and a beta of 0.13. The firm's 50 day moving average price is $18.22 and its 200 day moving average price is $19.94. Remitly Global, Inc. has a 12 month low of $12.43 and a 12 month high of $27.32.

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

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.