Walleye Capital LLC Takes Position in Remitly Global, Inc. $RELY

Key Points

• Walleye Capital LLC purchased 169,077 shares of Remitly Global, Inc. (NASDAQ: RELY), valued at approximately $3.5 million, increasing institutional ownership to 74.25% of the company.
• Remitly reported a 34.4% year-over-year revenue increase of $411.85 million but missed earnings expectations with earnings per share of $0.04.
• Analyst ratings for Remitly Global vary, with a consensus price target of $29.00 and multiple firms rating it as a "buy" or "overweight."

Walleye Capital LLC acquired a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 169,077 shares of the financial services provider's stock, valued at approximately $3,517,000. Walleye Capital LLC owned 0.08% of Remitly Global at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RELY. Elequin Capital LP bought a new position in Remitly Global during the first quarter valued at about $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Remitly Global during the 1st quarter worth approximately $41,000. Exchange Traded Concepts LLC bought a new stake in shares of Remitly Global in the 1st quarter worth approximately $46,000. Caitong International Asset Management Co. Ltd bought a new position in Remitly Global during the first quarter valued at $66,000. Finally, KBC Group NV lifted its holdings in Remitly Global by 29.8% during the first quarter. KBC Group NV now owns 7,944 shares of the financial services provider's stock valued at $165,000 after purchasing an additional 1,823 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on RELY shares. KeyCorp reaffirmed an "overweight" rating and set a $28.00 price objective (up from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Barclays increased their price target 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. The Goldman Sachs Group increased their price target on shares of Remitly Global from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Monness Crespi & Hardt increased their price target 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. Finally, Wall Street Zen upgraded shares of Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday, August 17th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $29.00.

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 transaction, the insider directly owned 186,926 shares of the company's stock, valued at approximately $3,684,311.46. The trade was a 2.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joshua Hug sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $19.65, for a total value of $196,500.00. Following the completion of the transaction, the director directly owned 3,663,811 shares in the company, valued at approximately $71,993,886.15. This represents a 0.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,583 shares of company stock valued at $828,744 in the last 90 days. 7.50% of the stock is currently owned by company insiders.

Remitly Global Stock Up 0.3%

Shares of NASDAQ:RELY traded up $0.05 on Friday, hitting $18.53. 2,877,944 shares of the company traded hands, compared to its average volume of 4,643,939. Remitly Global, Inc. has a 52 week low of $12.43 and a 52 week high of $27.32. The stock has a 50 day simple moving average of $18.18 and a 200-day simple moving average of $20.34. The company has a market cap of $3.82 billion, a PE ratio of 308.88 and a beta of 0.12.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The business had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. During the same quarter in the previous year, the business posted ($0.06) earnings per share. Remitly Global's quarterly revenue was up 34.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Remitly Global Company Profile

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.