Creek Drive Management Group LLC Makes New $2.04 Million Investment in Remitly Global, Inc. $RELY

Creek Drive Management Group LLC bought a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 147,500 shares of the financial services provider’s stock, valued at approximately $2,036,000. Remitly Global accounts for approximately 1.4% of Creek Drive Management Group LLC’s investment portfolio, making the stock its 23rd largest holding.

Other hedge funds also recently modified their holdings of the company. Pekin Hardy Strauss Inc. boosted its stake in Remitly Global by 581.8% in the fourth quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock valued at $1,693,000 after acquiring an additional 104,716 shares during the last quarter. Capelight Capital Asset Management LP acquired a new stake in Remitly Global during the 4th quarter worth $1,380,000. GSA Capital Partners LLP raised its position in shares of Remitly Global by 1,484.2% during the 4th quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock valued at $4,982,000 after acquiring an additional 338,244 shares during the last quarter. Baillie Gifford & Co. raised its position in shares of Remitly Global by 48.2% during the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after acquiring an additional 3,790,210 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Remitly Global by 5.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,138,754 shares of the financial services provider’s stock valued at $34,862,000 after purchasing an additional 104,716 shares during the period. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Performance

Shares of RELY opened at $21.10 on Friday. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $24.92. The firm’s 50 day moving average price is $20.68 and its two-hundred day moving average price is $16.78. The firm has a market cap of $4.44 billion, a P/E ratio of 43.06 and a beta of 0.37.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The company had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The firm’s revenue was up 25.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. The Goldman Sachs Group restated a “buy” rating and issued a $27.00 price target on shares of Remitly Global in a research report on Thursday, May 7th. Weiss Ratings raised Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Citizens Jmp raised their target price on Remitly Global from $22.00 to $26.00 and gave the stock a “market outperform” rating in a report on Thursday, May 7th. Cantor Fitzgerald boosted their target price on Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Remitly Global in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.62.

Insiders Place Their Bets

In related news, Director Bora Chung sold 12,000 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total value of $257,040.00. Following the completion of the transaction, the director directly owned 125,317 shares of the company’s stock, valued at approximately $2,684,290.14. This represents a 8.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joshua Hug sold 16,033 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $20.76, for a total value of $332,845.08. Following the transaction, the director owned 3,402,257 shares of the company’s stock, valued at approximately $70,630,855.32. This trade represents a 0.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 243,818 shares of company stock worth $5,093,447 in the last ninety days. 6.53% of the stock is owned by insiders.

Remitly Global Profile

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.