Walleye Capital LLC Increases Position in Remitly Global, Inc. $RELY

Walleye Capital LLC lifted its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 66.2% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 281,058 shares of the financial services provider’s stock after buying an additional 111,981 shares during the quarter. Walleye Capital LLC owned approximately 0.14% of Remitly Global worth $5,275,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Bank of Montreal Can lifted its position in shares of Remitly Global by 28.5% in the second quarter. Bank of Montreal Can now owns 327,956 shares of the financial services provider’s stock valued at $6,156,000 after acquiring an additional 72,689 shares in the last quarter. Inspire Investing LLC bought a new stake in Remitly Global during the 2nd quarter valued at approximately $769,000. Osterweis Capital Management Inc. bought a new stake in Remitly Global during the 1st quarter valued at approximately $7,566,000. Intech Investment Management LLC lifted 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 worth $1,931,000 after purchasing an additional 32,150 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Remitly Global by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock worth $70,347,000 after purchasing an additional 129,706 shares during the period. Institutional investors own 74.25% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on RELY. JPMorgan Chase & Co. reduced their price objective on shares of Remitly Global from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Wall Street Zen raised shares of Remitly Global from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th. Monness Crespi & Hardt dropped their price objective on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, November 6th. William Blair restated an “outperform” rating on shares of Remitly Global in a research report on Friday, October 10th. Finally, The Goldman Sachs Group reduced their target price on Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.88.

Remitly Global Stock Down 0.1%

Shares of NASDAQ:RELY opened at $13.43 on Friday. The firm has a fifty day simple moving average of $14.64 and a two-hundred day simple moving average of $17.37. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $27.32. The stock has a market capitalization of $2.81 billion, a P/E ratio of 149.22 and a beta of 0.11.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. The firm had revenue of $419.49 million during the quarter, compared to the consensus estimate of $413.73 million. During the same quarter last year, the firm earned $0.01 EPS. The firm’s revenue for the quarter was up 24.7% compared to the same quarter last year. On average, analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global 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 completion of the transaction, the chief executive officer owned 4,515,188 shares in the company, valued at approximately $70,391,780.92. The trade was a 0.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ryno Blignaut sold 4,500 shares of the stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total value of $59,625.00. Following the sale, the director owned 41,576 shares in the company, valued at $550,882. The trade was a 9.77% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 76,442 shares of company stock worth $1,098,702. 7.50% of the stock is currently owned by company insiders.

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.