Empirical Financial Services LLC d.b.a. Empirical Wealth Management Takes $2.03 Million Position in Remitly Global, Inc. $RELY

Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 129,664 shares of the financial services provider’s stock, valued at approximately $2,032,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Torren Management LLC purchased a new position in Remitly Global in the 4th quarter valued at about $25,000. Summit Securities Group LLC purchased a new stake in shares of Remitly Global during the first quarter worth about $26,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Remitly Global during the fourth quarter worth about $28,000. GAMMA Investing LLC lifted its stake 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 worth $30,000 after acquiring an additional 1,628 shares in the last quarter. Finally, HighMark Wealth Management LLC acquired a new position in shares of Remitly Global in the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Performance

Shares of RELY stock opened at $23.52 on Wednesday. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92. The company’s 50-day simple moving average is $21.61 and its 200-day simple moving average is $17.83. The stock has a market capitalization of $4.95 billion, a price-to-earnings ratio of 48.00 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. The business had revenue of $452.80 million during the quarter, compared to the consensus estimate of $438.94 million. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The company’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same period last year, the firm earned $0.05 earnings per share. As a group, research analysts forecast that Remitly Global, Inc. will post 0.62 EPS for the current year.

Insider Activity at Remitly Global

In other news, Director Joshua Hug sold 34,383 shares of Remitly Global stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $24.89, for a total value of $855,792.87. Following the completion of the transaction, the director owned 3,482,320 shares in the company, valued at approximately $86,674,944.80. This trade represents a 0.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $21.07, for a total value of $526,750.00. Following the completion of the sale, the chief financial officer owned 988,004 shares of the company’s stock, valued at $20,817,244.28. This trade represents a 2.47% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 237,188 shares of company stock worth $5,089,318 over the last quarter. 6.53% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RELY. Citizens Jmp increased their price target on Remitly Global from $22.00 to $26.00 and gave the company a “market outperform” rating in a report on Thursday, May 7th. Cantor Fitzgerald upped their target price on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Weiss Ratings upgraded Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. KeyCorp raised their price target on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Finally, Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Remitly Global presently has a consensus rating of “Moderate Buy” and an average target price of $25.00.

Remitly Global 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.