Two Sigma Securities LLC Takes Position in Remitly Global, Inc. $RELY

Two Sigma Securities LLC purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 31,024 shares of the financial services provider’s stock, valued at approximately $695,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Remitly Global by 89.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 640,945 shares of the financial services provider’s stock valued at $14,364,000 after buying an additional 302,336 shares during the last quarter. Empowered Funds LLC acquired a new stake in Remitly Global during the 2nd quarter worth approximately $840,000. Corient Private Wealth LP bought a new stake in Remitly Global during the 2nd quarter worth approximately $4,445,000. Bank of America Corp DE bought a new stake in Remitly Global during the 2nd quarter worth approximately $27,757,000. Finally, Freestone Grove Partners LP acquired a new position in Remitly Global in the 2nd quarter valued at approximately $10,577,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Down 3.9%

RELY opened at $25.71 on Wednesday. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $27.15. The company has a fifty day moving average of $24.22 and a 200-day moving average of $20.57. The stock has a market cap of $5.44 billion, a PE ratio of 18.50 and a beta of 0.36.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on RELY shares. Weiss Ratings upgraded shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Citizens Jmp increased their price objective on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a report on Thursday, August 6th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Finally, The Goldman Sachs Group upped their price target on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Remitly Global currently has an average rating of “Buy” and a consensus target price of $27.78.

Insider Activity at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 21,000 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $26.39, for a total value of $554,190.00. Following the transaction, the insider directly owned 716,022 shares of the company’s stock, valued at approximately $18,895,820.58. The trade was a 2.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Phillip John Riese sold 69,818 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $23.54, for a total value of $1,643,515.72. Following the transaction, the director owned 261,094 shares in the company, valued at $6,146,152.76. The trade was a 21.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 502,771 shares of company stock worth $12,328,147 over the last quarter. 6.53% of the stock is owned by company insiders.

About Remitly Global

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.