55,642 Shares in Remitly Global, Inc. $RELY Purchased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC purchased a new position in Remitly Global, Inc. (NASDAQ:RELY) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 55,642 shares of the financial services provider’s stock, valued at approximately $750,000.

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in Remitly Global by 280.2% during the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,628 shares in the last quarter. Essex Investment Management Co. LLC acquired a new position in Remitly Global during the third quarter worth $33,000. First Horizon Corp acquired a new position in Remitly Global during the third quarter worth $36,000. Quarry LP acquired a new position in Remitly Global during the third quarter worth $42,000. Finally, Exchange Traded Concepts LLC raised its stake in Remitly Global by 29.9% during the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 714 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Performance

Shares of NASDAQ:RELY opened at $16.02 on Wednesday. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $24.70. The firm has a market cap of $3.37 billion, a PE ratio of 51.68, a price-to-earnings-growth ratio of 0.57 and a beta of 0.09. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The business has a fifty day moving average of $15.25 and a 200-day moving average of $14.76.

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on RELY shares. The Goldman Sachs Group increased their price objective on Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, February 19th. Bank of America assumed coverage on shares of Remitly Global in a report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price objective for the company. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. Cantor Fitzgerald raised their price objective on shares of Remitly Global from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, February 19th. Finally, Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $22.78.

Insiders Place Their Bets

In related news, insider Ltd Naspers sold 12,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $15.98, for a total value of $191,760,000.00. Following the completion of the sale, the insider owned 13,441,745 shares of the company’s stock, valued at $214,799,085.10. This trade represents a 47.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Vikas D. Mehta sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $17.50, for a total transaction of $437,500.00. Following the completion of the sale, the chief financial officer directly owned 862,759 shares of the company’s stock, valued at approximately $15,098,282.50. This represents a 2.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,084,720 shares of company stock valued at $193,194,734 over the last quarter. Company insiders own 7.50% of the company’s stock.

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.