Whetstone Capital Advisors LLC Increases Stock Holdings in Remitly Global, Inc. $RELY

Key Points

• Whetstone Capital Advisors LLC dramatically increased its holdings in Remitly Global by 16,740.0%, acquiring a total of 311,372 shares during the first quarter.
• Remitly Global reported a quarterly revenue of $411.85 million, exceeding analyst expectations, though it missed earnings per share estimates with a reported EPS of $0.04.
• The stock currently has an average target price of $29.00, with eight analysts rating it as a Buy and one as Hold.

Whetstone Capital Advisors LLC lifted its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 16,740.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 311,372 shares of the financial services provider's stock after purchasing an additional 309,523 shares during the quarter. Remitly Global comprises about 2.9% of Whetstone Capital Advisors LLC's holdings, making the stock its 12th biggest holding. Whetstone Capital Advisors LLC owned approximately 0.15% of Remitly Global worth $6,477,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of RELY. Nuveen LLC purchased a new stake in shares of Remitly Global in the first quarter valued at about $32,703,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Remitly Global by 1,032.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider's stock valued at $31,614,000 after purchasing an additional 1,276,991 shares during the period. ArrowMark Colorado Holdings LLC grew its holdings in shares of Remitly Global by 34.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider's stock valued at $107,751,000 after purchasing an additional 1,220,806 shares during the period. Marathon Partners Equity Management LLC acquired a new position in Remitly Global in the fourth quarter valued at about $20,877,000. Finally, Lord Abbett & CO. LLC lifted its position in Remitly Global by 103.8% in the first quarter. Lord Abbett & CO. LLC now owns 1,743,496 shares of the financial services provider's stock valued at $36,265,000 after buying an additional 887,859 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Stock Performance

Shares of RELY opened at $18.83 on Thursday. The stock has a market capitalization of $3.88 billion, a PE ratio of 313.89 and a beta of 0.12. Remitly Global, Inc. has a 1 year low of $12.43 and a 1 year high of $27.32. The company's 50-day simple moving average is $18.39 and its 200-day simple moving average is $20.65.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly 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 business had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The firm's revenue for the quarter was up 34.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.06) EPS. On average, sell-side analysts predict that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total transaction of $251,994.24. Following the sale, the chief executive officer directly owned 4,212,849 shares in the company, valued at approximately $72,798,030.72. This represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joshua Hug sold 10,000 shares of the company'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 transaction of $196,500.00. Following the sale, the director owned 3,663,811 shares in the company, valued at $71,993,886.15. The trade was a 0.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 128,250 shares of company stock valued at $2,623,250. Corporate insiders own 7.50% of the company's stock.

Wall Street Analyst Weigh In

RELY has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Remitly Global from a "hold" rating to a "buy" rating in a research report on Sunday. The Goldman Sachs Group upped their target price on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Barclays upped their target price on shares of Remitly Global from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. KeyCorp reaffirmed an "overweight" rating and issued a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Finally, Monness Crespi & Hardt upped their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Remitly Global currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.00.

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.

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