Lead Edge Capital Management LLC Invests $60.23 Million in Remitly Global, Inc. $RELY

Lead Edge Capital Management LLC purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,687,772 shares of the financial services provider’s stock, valued at approximately $60,232,971. Remitly Global accounts for approximately 0.0% of Lead Edge Capital Management LLC’s investment portfolio, making the stock its 5th biggest holding. Lead Edge Capital Management LLC owned approximately 1.27% of Remitly Global as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Remitly Global during the 2nd quarter worth approximately $410,752,000. Generation Investment Management LLP purchased a new position in shares of Remitly Global during the second quarter worth about $109,637,000. Bank of America Corp DE raised its holdings in shares of Remitly Global by 471.7% during the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after acquiring an additional 4,252,294 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after buying an additional 2,567,446 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in shares of Remitly Global by 74.4% during the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after buying an additional 1,962,076 shares in the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Up 2.0%

Shares of RELY traded up $0.51 during mid-day trading on Friday, hitting $26.50. 1,622,132 shares of the company traded hands, compared to its average volume of 3,940,294. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15. The business has a 50 day moving average of $23.88 and a 200 day moving average of $20.29. The company has a market capitalization of $5.61 billion, a PE ratio of 19.06 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.81. The business had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company’s revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 EPS. As a group, research analysts expect that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on RELY shares. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. The Goldman Sachs Group lifted their price objective on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Cantor Fitzgerald boosted their target price on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Finally, Citizens Jmp lifted their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Remitly Global presently has a consensus rating of “Buy” and a consensus price target of $27.78.

Insider Buying and Selling

In other Remitly Global news, Director Phillip John Riese sold 69,818 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $23.54, for a total transaction of $1,643,515.72. Following the completion of the transaction, the director owned 261,094 shares in the company, valued at approximately $6,146,152.76. This trade represents a 21.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Nigel W. Morris sold 16,751 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $26.56, for a total value of $444,906.56. Following the transaction, the director directly owned 1,811,056 shares in the company, valued at $48,101,647.36. This represents a 0.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 515,371 shares of company stock valued at $12,480,565 over the last ninety days. Company insiders own 6.53% of the company’s stock.

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.