University of Texas Texas AM Investment Management Co. Has $1.99 Million Position in Remitly Global, Inc. $RELY

University of Texas Texas AM Investment Management Co. increased its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 730.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 105,978 shares of the financial services provider’s stock after buying an additional 93,210 shares during the quarter. University of Texas Texas AM Investment Management Co. owned 0.05% of Remitly Global worth $1,989,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Elequin Capital LP acquired a new stake in shares of Remitly Global during the 1st quarter worth approximately $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Remitly Global in the 1st quarter valued at $41,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Remitly Global in the 1st quarter valued at $66,000. Flaharty Asset Management LLC bought a new position in shares of Remitly Global during the 1st quarter worth about $94,000. Finally, KBC Group NV boosted its position in shares of Remitly Global by 29.8% during the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider’s stock valued at $165,000 after acquiring an additional 1,823 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insider Transactions at Remitly Global

In other news, insider Pankaj Sharma sold 4,000 shares of the business’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider owned 182,926 shares in the company, valued at $3,658,520. The trade was a 2.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Phillip John Riese sold 5,000 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the transaction, the director owned 112,496 shares in the company, valued at approximately $2,249,920. This represents a 4.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 93,943 shares of company stock valued at $1,696,348 over the last quarter. Corporate insiders own 7.50% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in 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. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Wall Street Zen upgraded Remitly Global from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th. William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Friday, October 10th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a report on Saturday. 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. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $27.25.

Remitly Global Stock Up 1.4%

Shares of NASDAQ RELY opened at $17.20 on Friday. The company has a market cap of $3.55 billion, a price-to-earnings ratio of 286.71 and a beta of 0.10. Remitly Global, Inc. has a 12-month low of $14.61 and a 12-month high of $27.32. The firm’s 50-day simple moving average is $17.34 and its 200 day simple moving average is $18.93.

Remitly Global (NASDAQ:RELY) last released its quarterly 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). Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The company had revenue of $411.85 million for the quarter, compared to the consensus estimate of $384.59 million. During the same period last year, the company earned ($0.06) earnings per share. Remitly Global’s revenue for the quarter was up 34.4% compared to the same quarter last year. On average, equities analysts expect 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.