Marathon Partners Equity Management LLC Invests $20.88 Million in Remitly Global, Inc. (NASDAQ:RELY)

Marathon Partners Equity Management LLC bought a new stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 925,000 shares of the financial services provider's stock, valued at approximately $20,877,000. Remitly Global comprises 18.1% of Marathon Partners Equity Management LLC's investment portfolio, making the stock its largest position. Marathon Partners Equity Management LLC owned about 0.47% of Remitly Global as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Global Retirement Partners LLC bought a new position in Remitly Global in the 4th quarter valued at about $28,000. R Squared Ltd bought a new position in Remitly Global in the 4th quarter valued at about $89,000. Wilmington Savings Fund Society FSB bought a new position in Remitly Global in the 4th quarter valued at about $135,000. KBC Group NV raised its holdings in Remitly Global by 49.7% in the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock valued at $138,000 after acquiring an additional 2,033 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Remitly Global during the fourth quarter worth approximately $155,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. William Blair reaffirmed an "outperform" rating on shares of Remitly Global in a report on Thursday, February 20th. KeyCorp raised their target price on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. raised their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. BMO Capital Markets raised their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Finally, Monness Crespi & Hardt raised their target price 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. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, Remitly Global currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.88.

Remitly Global Stock Performance

Shares of NASDAQ RELY traded down $0.02 during trading hours on Friday, hitting $22.79. 3,150,052 shares of the stock were exchanged, compared to its average volume of 2,016,055. The company has a market cap of $4.65 billion, a PE ratio of -119.95 and a beta of 0.16. The company's fifty day simple moving average is $20.66 and its two-hundred day simple moving average is $21.77. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. During the same quarter last year, the business posted ($0.11) EPS. The firm's revenue for the quarter was up 34.3% on a year-over-year basis. As a group, sell-side analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Ankur Sinha sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the sale, the insider now owns 397,805 shares in the company, valued at $7,562,273.05. This trade represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Ltd Naspers sold 11,900,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $22.89, for a total transaction of $272,391,000.00. Following the completion of the sale, the insider now owns 25,441,745 shares in the company, valued at $582,361,543.05. This represents a 31.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,977,301 shares of company stock worth $273,951,012 over the last quarter. Corporate insiders own 7.50% of the company's stock.

Remitly Global 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.