State of Wyoming Buys New Shares in Remitly Global, Inc. $RELY

Key Points

• Wyoming purchased 41,712 Remitly Global shares during the second quarter, valued at approximately $935,000. Institutional investors and hedge funds collectively own 74.25% of the company.
• Remitly reported strong quarterly results, with earnings of $0.93 per share versus the $0.12 consensus estimate and revenue of $495.16 million, up 20.2% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $27.67, while shares recently opened at $26.30. However, insiders sold 480,443 shares worth approximately $11.24 million over the past 90 days.

State of Wyoming bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 41,712 shares of the financial services provider's stock, valued at approximately $935,000.

A number of other large investors have also bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Remitly Global by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider's stock valued at $1,848,000 after purchasing an additional 3,870 shares during the period. Millennium Management LLC grew its stake in shares of Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider's stock valued at $7,142,000 after buying an additional 124,798 shares during the period. Caxton Associates LLP acquired a new stake in shares of Remitly Global in the 1st quarter valued at about $218,000. Focus Partners Wealth bought a new stake in Remitly Global in the 1st quarter valued at about $1,458,000. Finally, Cetera Investment Advisers increased its position in Remitly Global by 12.0% in the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider's stock valued at $226,000 after buying an additional 1,286 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Price Performance

NASDAQ:RELY opened at $26.30 on Friday. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $27.15. The company has a market cap of $5.57 billion, a PE ratio of 18.92 and a beta of 0.34. The firm has a 50-day moving average of $22.71 and a 200-day moving average of $19.45.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.81. The business had revenue of $495.16 million for the quarter, compared to analysts' expectations of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.03 EPS. On average, equities research analysts expect that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. The Goldman Sachs Group upped their price target on Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. KeyCorp boosted their price objective on Remitly Global from $28.00 to $33.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Cantor Fitzgerald boosted their price objective on Remitly Global from $28.00 to $30.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Zacks Research lowered Remitly Global from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 20th. Finally, Monness Crespi & Hardt reiterated a "buy" rating on shares of Remitly Global in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Remitly Global has a consensus rating of "Moderate Buy" and a consensus target price of $27.67.

Insider Buying and Selling

In related news, Director Phillip John Riese sold 69,818 shares of Remitly Global stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $23.54, for a total transaction of $1,643,515.72. Following the transaction, the director owned 261,094 shares of the company's stock, valued at $6,146,152.76. The trade was a 21.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Pankaj Sharma sold 16,000 shares of the company's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the sale, the insider owned 767,810 shares of the company's stock, valued at $15,363,878.10. This trade represents a 2.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 480,443 shares of company stock valued at $11,238,540. 6.53% of the stock is owned by company insiders.

Remitly Global 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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