The Manufacturers Life Insurance Company Takes $2.13 Million Position in Remitly Global, Inc. $RELY

The Manufacturers Life Insurance Company purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 95,291 shares of the financial services provider’s stock, valued at approximately $2,135,000.

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

Analyst Ratings Changes

Several equities analysts have recently commented on RELY shares. KeyCorp increased their price target on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Cantor Fitzgerald boosted their price objective on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Citizens Jmp upped their price objective on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Finally, The Goldman Sachs Group increased their target price on Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Remitly Global currently has a consensus rating of “Buy” and a consensus price target of $27.78.

Remitly Global Price Performance

NASDAQ:RELY opened at $26.82 on Thursday. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.15. The firm has a market capitalization of $5.68 billion, a P/E ratio of 19.30 and a beta of 0.36. The business has a 50 day simple moving average of $24.33 and a 200 day simple moving average of $20.67.

Remitly Global (NASDAQ:RELY) last issued its earnings results 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 firm had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period last year, the company earned $0.03 earnings per share. 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 related news, CFO Vikas D. Mehta sold 25,000 shares of Remitly Global stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total value of $653,750.00. Following the sale, the chief financial officer directly owned 943,735 shares in the company, valued at $24,678,670.25. This trade represents a 2.58% decrease in their position. The sale was disclosed in a document filed with the SEC, 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 21,000 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $26.39, for a total transaction of $554,190.00. Following the transaction, the insider directly owned 716,022 shares of the company’s stock, valued at $18,895,820.58. The trade was a 2.85% 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 have sold 502,771 shares of company stock valued at $12,328,147. Corporate insiders own 6.53% of the company’s stock.

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.