Whetstone Capital Advisors LLC Buys 59,221 Shares of Remitly Global, Inc. $RELY

Key Points

• Whetstone Capital Advisors increased its Remitly Global stake by 11.4% in the fourth quarter, buying 59,221 shares and bringing its total holding to 579,311 shares worth about $8.0 million.
• Remitly reported better-than-expected quarterly results, with EPS of $0.23 versus the $0.12 estimate and revenue of $452.8 million, up 25.2% year over year.
• Analysts remain generally positive on RELY, with a Moderate Buy consensus and an average price target of $24.63, even as some insiders recently sold shares under pre-arranged trading plans.

Whetstone Capital Advisors LLC lifted its stake in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 11.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 579,311 shares of the financial services provider's stock after acquiring an additional 59,221 shares during the quarter. Remitly Global comprises approximately 2.5% of Whetstone Capital Advisors LLC's holdings, making the stock its 11th largest position. Whetstone Capital Advisors LLC owned about 0.28% of Remitly Global worth $7,994,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Torren Management LLC bought a new stake in Remitly Global during the 4th quarter valued at approximately $25,000. Cullen Frost Bankers Inc. bought a new stake in Remitly Global during the 4th quarter valued at approximately $28,000. GAMMA Investing LLC boosted its stake in Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 1,628 shares during the period. HighMark Wealth Management LLC bought a new stake in Remitly Global during the 4th quarter valued at approximately $35,000. Finally, Quarry LP bought a new stake in Remitly Global during the 3rd quarter valued at approximately $42,000. Institutional investors own 74.25% of the company's stock.

Remitly Global Price Performance

Remitly Global stock opened at $19.08 on Monday. The business has a 50 day moving average price of $20.25 and a two-hundred day moving average price of $16.55. The stock has a market cap of $4.02 billion, a price-to-earnings ratio of 38.94 and a beta of 0.37. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $24.92.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.12 by $0.11. The firm had revenue of $452.80 million during the quarter, compared to analysts' expectations of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company's revenue for the quarter was up 25.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.05 EPS. On average, analysts expect that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on RELY shares. Weiss Ratings upgraded Remitly Global from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, June 3rd. Oppenheimer set a $20.00 target price on Remitly Global in a research note on Thursday, February 19th. Zacks Research downgraded Remitly Global from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 20th. Cantor Fitzgerald increased their target price on Remitly Global from $24.00 to $28.00 and gave the company an "overweight" rating in a research note on Monday, May 11th. Finally, Citizens Jmp increased their target price on Remitly Global from $22.00 to $26.00 and gave the company a "market outperform" rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Remitly Global has a consensus rating of "Moderate Buy" and an average target price of $24.63.

Insider Transactions at Remitly Global

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total value of $526,750.00. Following the completion of the transaction, the chief financial officer owned 988,004 shares of the company's stock, valued at $20,817,244.28. This represents a 2.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joshua Hug sold 34,383 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $24.89, for a total value of $855,792.87. Following the completion of the transaction, the director directly owned 3,482,320 shares of the company's stock, valued at approximately $86,674,944.80. This trade represents a 0.98% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 219,285 shares of company stock worth $4,589,752. 6.53% of the stock is currently 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.

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