Strs Ohio Has $243,000 Position in Remitly Global, Inc. $RELY

Key Points

• Strs Ohio cut its Remitly Global stake by 70.9% in the fourth quarter, leaving it with 17,600 shares valued at about $243,000.
• Remitly Global reported strong first-quarter results, with EPS of $0.23 versus the $0.12 estimate and revenue of $452.8 million, up 25.2% year over year.
• Wall Street sentiment remains positive overall, with an average Moderate Buy rating and a consensus price target of $24.63, near the stock’s recent trading price.

Strs Ohio lessened its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 70.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,600 shares of the financial services provider's stock after selling 42,900 shares during the period. Strs Ohio's holdings in Remitly Global were worth $243,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in RELY. LB Partners LLC lifted its stake in shares of Remitly Global by 60.4% in the third quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider's stock worth $16,554,000 after acquiring an additional 382,314 shares during the period. Renaissance Group LLC increased its position in Remitly Global by 52.0% during the 3rd quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider's stock valued at $8,069,000 after purchasing an additional 169,271 shares during the period. Capelight Capital Asset Management LP acquired a new stake in Remitly Global during the 4th quarter valued at approximately $1,380,000. JPMorgan Chase & Co. increased its position in Remitly Global by 5.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,138,754 shares of the financial services provider's stock valued at $34,862,000 after purchasing an additional 104,716 shares during the period. Finally, Pekin Hardy Strauss Inc. raised its holdings in Remitly Global by 581.8% during the 4th quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider's stock worth $1,693,000 after purchasing an additional 104,716 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company's stock.

Remitly Global Price Performance

Remitly Global stock opened at $24.28 on Tuesday. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of 49.55 and a beta of 0.40. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.92. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The stock's 50 day moving average price is $18.12 and its two-hundred day moving average price is $15.49.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.11. The company had revenue of $452.80 million for the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 13.28%. Remitly Global's quarterly revenue was up 25.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.05 EPS. On average, equities analysts predict that Remitly Global, Inc. will post 0.61 earnings per share for the current year.

Insider Transactions at Remitly Global

In other news, Director Joshua Hug sold 16,800 shares of the company's stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $21.56, for a total transaction of $362,208.00. Following the transaction, the director owned 3,533,503 shares in the company, valued at approximately $76,182,324.68. This represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Phillip John Riese sold 40,000 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $20.04, for a total transaction of $801,600.00. Following the transaction, the director directly owned 122,496 shares in the company, valued at $2,454,819.84. This trade represents a 24.62% 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 quarter, insiders sold 12,163,520 shares of company stock valued at $194,773,102. 6.53% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RELY. Wall Street Zen lowered shares of Remitly Global from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 28th. Oppenheimer set a $20.00 target price on shares of Remitly Global in a research note on Thursday, February 19th. The Goldman Sachs Group restated a "buy" rating and issued a $27.00 target price on shares of Remitly Global in a report on Thursday. Bank of America started coverage on shares of Remitly Global in a research report on Tuesday, February 10th. They set a "buy" rating and a $18.00 price target on the stock. Finally, Zacks Research downgraded Remitly Global from a "strong-buy" rating to a "hold" rating in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $24.63.

About Remitly Global

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.

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