Y Intercept Hong Kong Ltd Has $2.44 Million Stock Holdings in Remitly Global, Inc. $RELY

Y Intercept Hong Kong Ltd grew its position in Remitly Global, Inc. (NASDAQ:RELY) by 64.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 155,418 shares of the financial services provider’s stock after purchasing an additional 60,696 shares during the quarter. Y Intercept Hong Kong Ltd owned approximately 0.07% of Remitly Global worth $2,435,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Pekin Hardy Strauss Inc. boosted its holdings in Remitly Global by 581.8% during 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 period. Capelight Capital Asset Management LP bought a new position in shares of Remitly Global in the fourth quarter worth about $1,380,000. GSA Capital Partners LLP increased its stake in shares of Remitly Global by 1,484.2% in the fourth quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock worth $4,982,000 after purchasing an additional 338,244 shares during the period. Baillie Gifford & Co. lifted 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 worth $160,888,000 after purchasing an additional 3,790,210 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in Remitly Global by 44.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 954,064 shares of the financial services provider’s stock valued at $13,166,000 after purchasing an additional 292,991 shares during the period. 74.25% of the stock is owned by institutional investors.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $24.13 on Wednesday. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.92. The firm has a market capitalization of $5.08 billion, a PE ratio of 49.24 and a beta of 0.34. The company’s fifty day moving average price is $21.46 and its two-hundred day moving average price is $17.52.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate 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 net margin of 6.12% and a return on equity of 12.90%. The firm’s revenue was up 25.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.05 EPS. Analysts predict that Remitly Global, Inc. will post 0.62 earnings per share for the current fiscal year.

Insider Activity at Remitly Global

In related news, insider Ankur Sinha sold 7,596 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total value of $160,047.72. Following the sale, the insider owned 1,222,718 shares of the company’s stock, valued at $25,762,668.26. The trade was a 0.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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. Also, insider Pankaj Sharma sold 16,000 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total value of $320,160.00. Following the completion of the sale, the insider owned 767,810 shares in the company, valued at $15,363,878.10. This trade represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 249,188 shares of company stock valued at $5,303,878. Corporate insiders own 6.53% of the company’s stock.

Analyst Ratings Changes

RELY has been the topic of several recent analyst reports. Wall Street Zen downgraded Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Citigroup restated a “market outperform” rating on shares of Remitly Global in a research note on Thursday, June 4th. Freedom Capital raised shares of Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. The Goldman Sachs Group reiterated a “buy” rating and set a $27.00 target price on shares of Remitly Global in a research note on Thursday, May 7th. Finally, Cantor Fitzgerald raised their price target on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $24.62.

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.