State of New Jersey Common Pension Fund D Boosts Position in Remitly Global, Inc. $RELY

State of New Jersey Common Pension Fund D grew its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 37.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 114,235 shares of the financial services provider’s stock after acquiring an additional 31,118 shares during the period. State of New Jersey Common Pension Fund D owned about 0.06% of Remitly Global worth $1,862,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bank of Montreal Can boosted its holdings in Remitly Global by 28.5% in the second quarter. Bank of Montreal Can now owns 327,956 shares of the financial services provider’s stock valued at $6,156,000 after purchasing an additional 72,689 shares during the last quarter. Norges Bank purchased a new position in shares of Remitly Global during the 2nd quarter valued at about $36,619,000. Geode Capital Management LLC lifted its holdings in shares of Remitly Global by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock valued at $70,347,000 after buying an additional 129,706 shares during the period. LB Partners LLC boosted its stake in shares of Remitly Global by 60.4% in the third quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider’s stock worth $16,554,000 after buying an additional 382,314 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Remitly Global in the second quarter worth about $425,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Price Performance

NASDAQ:RELY opened at $16.84 on Friday. The stock has a 50 day moving average of $13.98 and a two-hundred day moving average of $15.32. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $24.70. The firm has a market cap of $3.55 billion, a P/E ratio of 54.32 and a beta of 0.11. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.18.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The firm had revenue of $442.18 million for the quarter, compared to analyst estimates of $427.27 million. During the same period in the previous year, the company posted ($0.03) earnings per share. The business’s revenue was up 25.7% on a year-over-year basis. On average, analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RELY has been the subject of several recent research reports. Weiss Ratings upgraded Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. Oppenheimer set a $20.00 target price on shares of Remitly Global in a research note on Thursday, February 19th. Monness Crespi & Hardt dropped 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 report on Thursday, November 6th. Finally, Citizens Jmp upped their price objective on shares of Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 19th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Remitly Global currently has an average rating of “Buy” and an average price target of $22.78.

Insiders Place Their Bets

In other news, insider Pankaj Sharma sold 3,000 shares of the company’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $16.35, for a total transaction of $49,050.00. Following the completion of the sale, the insider owned 215,830 shares of the company’s stock, valued at $3,528,820.50. This represents a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ryno Blignaut sold 4,500 shares of the stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $12.89, for a total transaction of $58,005.00. Following the completion of the sale, the director owned 32,576 shares of the company’s stock, valued at $419,904.64. This trade represents a 12.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 53,276 shares of company stock valued at $722,999 in the last 90 days. 7.50% of the stock is owned by insiders.

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.