15,174 Shares in Remitly Global, Inc. $RELY Acquired by State of Wyoming

Key Points

• The State of Wyoming acquired a new stake in Remitly Global, Inc. valued at approximately $316,000, purchasing 15,174 shares during the first quarter.
• Remitly Global reported a revenue of $411.85 million in its latest quarterly earnings, which exceeded analyst expectations of $384.59 million, despite missing the earnings per share consensus.
• Barclays raised Remitly Global's target price from $24.00 to $27.00, and the company holds a consensus rating of "Moderate Buy" with an average target price of $29.00.

State of Wyoming acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 15,174 shares of the financial services provider's stock, valued at approximately $316,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. First Trust Advisors LP lifted its position in shares of Remitly Global by 33.1% during the fourth quarter. First Trust Advisors LP now owns 46,255 shares of the financial services provider's stock valued at $1,044,000 after purchasing an additional 11,512 shares in the last quarter. Stifel Financial Corp increased its stake in shares of Remitly Global by 10.4% in the fourth quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider's stock worth $1,290,000 after purchasing an additional 5,390 shares in the last quarter. Voya Investment Management LLC increased its stake in shares of Remitly Global by 19.9% in the fourth quarter. Voya Investment Management LLC now owns 56,856 shares of the financial services provider's stock worth $1,283,000 after purchasing an additional 9,450 shares in the last quarter. Northern Trust Corp increased its stake in shares of Remitly Global by 16.8% in the fourth quarter. Northern Trust Corp now owns 1,505,543 shares of the financial services provider's stock worth $33,980,000 after purchasing an additional 216,418 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of Remitly Global by 338.7% in the fourth quarter. AQR Capital Management LLC now owns 277,889 shares of the financial services provider's stock valued at $6,272,000 after acquiring an additional 214,547 shares during the period. Hedge funds and other institutional investors own 74.25% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. KeyCorp restated an "overweight" rating and issued a $28.00 price objective (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Monness Crespi & Hardt boosted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Barclays boosted their price objective on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Wall Street Zen downgraded shares of Remitly Global from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Finally, The Goldman Sachs Group lifted their target price on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. 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, the company currently has an average rating of "Moderate Buy" and a consensus price target of $29.00.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total transaction of $251,994.24. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joshua Hug sold 40,777 shares of the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $18.41, for a total transaction of $750,704.57. Following the sale, the director directly owned 3,654,288 shares of the company's stock, valued at $67,275,442.08. The trade was a 1.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 84,360 shares of company stock worth $1,579,449 over the last 90 days. 8.10% of the stock is owned by company insiders.

Remitly Global Price Performance

Remitly Global stock traded up $0.23 during mid-day trading on Thursday, reaching $19.68. The stock had a trading volume of 3,557,445 shares, compared to its average volume of 2,981,015. The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of 328.05 and a beta of 0.13. The company has a 50-day moving average price of $18.12 and a two-hundred day moving average price of $20.19. Remitly Global, Inc. has a one year low of $12.43 and a one year 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 the consensus estimate of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. Remitly Global's revenue was up 34.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.06) EPS. On average, equities research analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal 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.