Picton Mahoney Asset Management Buys 39,479 Shares of Remitly Global, Inc. $RELY

Picton Mahoney Asset Management boosted its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 504.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 47,306 shares of the financial services provider’s stock after purchasing an additional 39,479 shares during the period. Picton Mahoney Asset Management’s holdings in Remitly Global were worth $770,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Remitly Global by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock valued at $1,848,000 after purchasing an additional 3,870 shares in the last quarter. Millennium Management LLC raised its stake in shares of Remitly Global by 57.1% during the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after purchasing an additional 124,798 shares in the last quarter. Caxton Associates LLP acquired a new stake in shares of Remitly Global in the 1st quarter valued at approximately $218,000. Focus Partners Wealth acquired a new stake in shares of Remitly Global in the 1st quarter valued at approximately $1,458,000. Finally, Envestnet Asset Management Inc. grew its stake in shares of Remitly Global by 8.2% in the second quarter. Envestnet Asset Management Inc. now owns 64,490 shares of the financial services provider’s stock valued at $1,210,000 after buying an additional 4,900 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

Insider Activity at Remitly Global

In other news, Director Ryno Blignaut sold 4,500 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $12.89, for a total transaction of $58,005.00. Following the completion of the sale, the director owned 32,576 shares in the company, valued at approximately $419,904.64. This trade represents a 12.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joshua Hug sold 29,049 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $17.98, for a total transaction of $522,301.02. Following the sale, the director owned 3,575,733 shares of the company’s stock, valued at approximately $64,291,679.34. This represents a 0.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 66,549 shares of company stock valued at $1,139,256 over the last three months. Company insiders own 7.50% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on RELY shares. JPMorgan Chase & Co. lowered their target price on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. The Goldman Sachs Group increased their price target on shares of Remitly Global from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Bank of America assumed coverage on shares of Remitly Global in a research note on Tuesday, February 10th. They set a “buy” rating and a $18.00 price objective on the stock. Finally, Oppenheimer set a $20.00 target price on shares of Remitly Global in a report on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Remitly Global presently has a consensus rating of “Buy” and a consensus price target of $22.78.

Remitly Global Stock Down 1.6%

RELY stock opened at $17.04 on Friday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $24.70. The business’s 50 day simple moving average is $14.30 and its 200 day simple moving average is $15.19. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $3.59 billion, a PE ratio of 54.97 and a beta of 0.06.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The business had revenue of $442.18 million during the quarter, compared to the consensus estimate of $427.27 million. During the same quarter last year, the firm posted ($0.03) EPS. The company’s quarterly revenue was up 25.7% on a year-over-year basis. As a group, research analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.