Lead Edge Capital Management LLC Acquires New Shares in Remitly Global, Inc. $RELY

Lead Edge Capital Management LLC acquired a new position in Remitly Global, Inc. (NASDAQ:RELY) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 2,687,772 shares of the financial services provider’s stock, valued at approximately $60,232,971,000. Remitly Global makes up approximately 10.9% of Lead Edge Capital Management LLC’s holdings, making the stock its 5th biggest position.

Several other large investors also recently bought and sold shares of the business. Summit Securities Group LLC bought a new position in Remitly Global during the 1st quarter valued at about $26,000. Torren Management LLC purchased a new stake in shares of Remitly Global during the 4th quarter valued at about $25,000. Cullen Frost Bankers Inc. bought a new stake in shares of Remitly Global in the fourth quarter worth approximately $28,000. GAMMA Investing LLC grew its stake in shares of Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 677 shares during the period. Finally, HighMark Wealth Management LLC purchased a new position in shares of Remitly Global during the fourth quarter valued at approximately $35,000. 74.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Cantor Fitzgerald increased their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Weiss Ratings raised shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Citizens Jmp boosted their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Wolfe Research reissued an “outperform” rating and set a $31.00 price target on shares of Remitly Global in a report on Thursday, August 6th. Finally, Citigroup reissued an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $27.67.

Remitly Global Stock Down 0.3%

Remitly Global stock opened at $26.59 on Tuesday. The business has a 50-day simple moving average of $23.56 and a two-hundred day simple moving average of $20.02. The company has a market cap of $5.63 billion, a P/E ratio of 19.13 and a beta of 0.34. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.12 by $0.81. The firm had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.03 EPS. Research analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, Director Joshua Hug sold 33,600 shares of Remitly Global stock in a transaction on Monday, June 1st. The shares were sold at an average price of $21.03, for a total transaction of $706,608.00. Following the transaction, the director owned 3,424,244 shares in the company, valued at $72,011,851.32. This trade represents a 0.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Phillip John Riese sold 160,182 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $24.94, for a total transaction of $3,994,939.08. Following the sale, the director directly owned 361,094 shares of the company’s stock, valued at approximately $9,005,684.36. The trade was a 30.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 490,096 shares of company stock valued at $11,711,588 over the last three months. 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.