Renaissance Group LLC Purchases 169,271 Shares of Remitly Global, Inc. $RELY

Renaissance Group LLC boosted its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 52.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 495,040 shares of the financial services provider’s stock after buying an additional 169,271 shares during the period. Renaissance Group LLC owned approximately 0.24% of Remitly Global worth $8,069,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. First Horizon Corp acquired a new stake in shares of Remitly Global during the 3rd quarter worth approximately $36,000. Exchange Traded Concepts LLC lifted its stake in Remitly Global by 29.9% during the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 714 shares during the last quarter. AlphaQuest LLC lifted its stake in Remitly Global by 34.4% during the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 1,115 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Remitly Global by 40.2% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,474 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 1,282 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Remitly Global in the 2nd quarter valued at $89,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their price objective on Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Cantor Fitzgerald raised shares of Remitly Global to a “strong-buy” rating in a report on Tuesday, January 27th. Monness Crespi & Hardt reduced their price target on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Finally, William Blair reissued an “outperform” rating on shares of Remitly Global in a research note on Friday, October 10th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $24.33.

Insider Activity at Remitly Global

In related news, insider Pankaj Sharma sold 3,000 shares of the firm’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $15.00, for a total transaction of $45,000.00. Following the completion of the transaction, the insider directly owned 220,830 shares of the company’s stock, valued at $3,312,450. This trade represents a 1.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ryno Blignaut sold 4,500 shares of the company’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total value of $59,625.00. Following the completion of the sale, the director owned 41,576 shares in the company, valued at $550,882. This trade represents a 9.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 50,276 shares of company stock worth $673,109 over the last three months. Company insiders own 7.50% of the company’s stock.

Remitly Global Price Performance

Remitly Global stock opened at $13.01 on Friday. The business has a 50 day moving average of $13.80 and a 200-day moving average of $15.56. The company has a market capitalization of $2.72 billion, a P/E ratio of 144.56 and a beta of 0.11. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.32.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, topping the consensus estimate of $0.02 by $0.02. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. The business had revenue of $419.49 million for the quarter, compared to the consensus estimate of $413.73 million. During the same period last year, the company earned $0.01 EPS. The firm’s revenue was up 24.7% compared to the same quarter last year. Equities analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

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.