One Capital Management LLC Increases Stake in Remitly Global, Inc. $RELY

One Capital Management LLC raised its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 57.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 83,702 shares of the financial services provider’s stock after acquiring an additional 30,426 shares during the period. One Capital Management LLC’s holdings in Remitly Global were worth $1,155,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Torren Management LLC purchased a new stake in Remitly Global during the 4th quarter valued at approximately $25,000. Essex Investment Management Co. LLC purchased a new position in shares of Remitly Global in the third quarter valued at $33,000. Cullen Frost Bankers Inc. purchased a new position in shares of Remitly Global in the fourth quarter valued at $28,000. GAMMA Investing LLC grew its holdings in shares of Remitly Global by 280.2% in the fourth quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,628 shares in the last quarter. Finally, HighMark Wealth Management LLC purchased a new position in shares of Remitly Global in the fourth quarter valued at $35,000. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Stock Down 1.7%

NASDAQ RELY opened at $19.73 on Thursday. The company has a fifty day moving average of $19.82 and a two-hundred day moving average of $16.24. The firm has a market capitalization of $4.15 billion, a price-to-earnings ratio of 40.27 and a beta of 0.37. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.92.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.12 by $0.11. The company had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. Remitly Global’s quarterly revenue was up 25.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.05 earnings per share. Equities research analysts anticipate that Remitly Global, Inc. will post 0.66 EPS for the current year.

Wall Street Analysts Forecast Growth

RELY has been the subject of a number of recent research reports. Citizens Jmp raised their target price on shares of Remitly Global from $22.00 to $26.00 and gave the company a “market outperform” rating in a report on Thursday, May 7th. Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. Cantor Fitzgerald raised their target price on shares of Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, May 11th. KeyCorp raised their target price on shares of Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Tuesday, April 21st. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Remitly Global in a report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.63.

Insider Activity at Remitly Global

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of Remitly Global stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total transaction of $526,750.00. Following the completion of the transaction, the chief financial officer directly owned 988,004 shares of the company’s stock, valued at $20,817,244.28. The trade was a 2.47% 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. 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, Director Phillip John Riese sold 40,000 shares of Remitly Global stock in a transaction on Friday, April 17th. The stock was sold at an average price of $20.04, for a total transaction of $801,600.00. Following the transaction, the director directly owned 122,496 shares of the company’s stock, valued at $2,454,819.84. The trade was a 24.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 12,229,026 shares of company stock valued at $196,514,765 over the last three months. Corporate 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.