R Squared Ltd Buys Shares of 13,215 Remitly Global, Inc. $RELY

R Squared Ltd bought a new stake in Remitly Global, Inc. (NASDAQ:RELY) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 13,215 shares of the financial services provider’s stock, valued at approximately $248,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Inspire Investing LLC acquired a new stake in Remitly Global in the 2nd quarter valued at approximately $769,000. Osterweis Capital Management Inc. acquired a new stake in Remitly Global in the 1st quarter valued at approximately $7,566,000. Teacher Retirement System of Texas acquired a new stake in Remitly Global in the 1st quarter valued at approximately $1,231,000. Intech Investment Management LLC grew its holdings in Remitly Global by 53.0% in the 1st quarter. Intech Investment Management LLC now owns 92,850 shares of the financial services provider’s stock valued at $1,931,000 after buying an additional 32,150 shares during the last quarter. Finally, Ascent Group LLC acquired a new stake in Remitly Global in the 1st quarter valued at approximately $304,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Price Performance

Remitly Global stock opened at $17.20 on Friday. The company has a market capitalization of $3.55 billion, a PE ratio of 286.71 and a beta of 0.10. Remitly Global, Inc. has a one year low of $14.61 and a one year high of $27.32. The business has a 50 day simple moving average of $17.34 and a 200 day simple moving average of $18.93.

Remitly Global (NASDAQ:RELY) last posted its earnings results 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). The company had revenue of $411.85 million for the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.Remitly Global’s quarterly revenue was up 34.4% compared to the same quarter last year. During the same quarter last year, the business earned ($0.06) EPS. Equities analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Phillip John Riese sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the completion of the transaction, the director owned 112,496 shares in the company, valued at $2,249,920. This trade represents a 4.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $15.59, for a total value of $227,348.97. Following the transaction, the chief executive officer owned 4,515,188 shares of the company’s stock, valued at $70,391,780.92. This trade represents a 0.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 93,943 shares of company stock worth $1,696,348 over the last 90 days. Corporate insiders own 7.50% of the company’s stock.

Wall Street Analyst Weigh In

RELY has been the topic of several recent research reports. William Blair reissued an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. Zacks Research lowered Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. The Goldman Sachs Group decreased their price objective on Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Weiss Ratings reissued a “sell (d+)” rating on shares of Remitly Global in a report on Saturday. Finally, JMP Securities decreased their price objective on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a report on Monday, September 15th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.25.

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.