Whetstone Capital Advisors LLC Has $7.99 Million Holdings in Remitly Global, Inc. $RELY

Whetstone Capital Advisors LLC lifted its stake in Remitly Global, Inc. (NASDAQ:RELY) by 11.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 579,311 shares of the financial services provider’s stock after buying an additional 59,221 shares during the quarter. Remitly Global makes up about 2.5% of Whetstone Capital Advisors LLC’s holdings, making the stock its 11th biggest holding. Whetstone Capital Advisors LLC’s holdings in Remitly Global were worth $7,994,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Remitly Global by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after buying an additional 3,870 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after buying an additional 124,798 shares in the last quarter. Caxton Associates LLP acquired a new position in shares of Remitly Global in the 1st quarter worth approximately $218,000. Focus Partners Wealth acquired a new position in shares of Remitly Global in the 1st quarter worth approximately $1,458,000. Finally, Cetera Investment Advisers raised its holdings in shares of Remitly Global by 12.0% in the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after buying an additional 1,286 shares in the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RELY. Freedom Capital raised Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st. Monness Crespi & Hardt increased their price target on Remitly Global from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Zacks Research lowered Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Citigroup restated a “market outperform” rating on shares of Remitly Global in a research report on Thursday, June 4th. Finally, Weiss Ratings upgraded Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. One research 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 an average rating of “Moderate Buy” and an average price target of $24.63.

Remitly Global Price Performance

NASDAQ RELY opened at $19.08 on Monday. The firm has a market cap of $4.02 billion, a PE ratio of 38.94 and a beta of 0.37. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92. The stock’s 50 day simple moving average is $20.25 and its 200 day simple moving average is $16.55.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.Remitly Global’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.05 EPS. As a group, equities analysts expect that Remitly Global, Inc. will post 0.62 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, Director Joshua Hug sold 33,600 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $21.03, for a total value of $706,608.00. Following the transaction, the director directly owned 3,424,244 shares in the company, valued at approximately $72,011,851.32. This trade represents a 0.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $526,750.00. Following the completion of the transaction, the chief financial officer owned 988,004 shares in the company, valued at $20,817,244.28. The trade was a 2.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 219,285 shares of company stock worth $4,589,752 over the last 90 days. Company insiders own 6.53% of the company’s stock.

Remitly Global Company 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.