45,403 Shares in Remitly Global, Inc. $RELY Purchased by Horizon Investment Services LLC

Horizon Investment Services LLC acquired a new stake in shares of Remitly Global, Inc. (NASDAQ:RELY) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 45,403 shares of the financial services provider’s stock, valued at approximately $1,017,000.

A number of other large investors also recently bought and sold shares of the company. Bank of America Corp DE boosted its holdings 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 valued at $80,759,000 after buying an additional 4,252,294 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after acquiring an additional 2,567,446 shares during the period. Marshall Wace LLP boosted its stake in Remitly Global by 74.4% in the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after acquiring an additional 1,962,076 shares during the period. Capital International Investors bought a new position in shares of Remitly Global during the fourth quarter valued at approximately $24,328,000. Finally, UBS Group AG grew its holdings in shares of Remitly Global by 189.7% during the third quarter. UBS Group AG now owns 2,418,069 shares of the financial services provider’s stock valued at $39,415,000 after purchasing an additional 1,583,432 shares during the last quarter. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Performance

Shares of RELY opened at $26.30 on Monday. The stock’s fifty day moving average is $22.71 and its 200-day moving average is $19.49. The firm has a market capitalization of $5.57 billion, a price-to-earnings ratio of 18.92 and a beta of 0.34. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $27.15.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. During the same quarter in the previous year, the company earned $0.03 earnings per share. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. Analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RELY. Wolfe Research reissued an “outperform” rating and issued a $31.00 price target on shares of Remitly Global in a report on Thursday, August 6th. Citizens Jmp raised their target price 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. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Cantor Fitzgerald upped their price target on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.67.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 16,000 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $20.01, for a total value of $320,160.00. Following the completion of the sale, the insider directly owned 767,810 shares of the company’s stock, valued at approximately $15,363,878.10. This represents a 2.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Joshua Hug sold 5,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $23.65, for a total transaction of $130,075.00. Following the completion of the sale, the director owned 2,675,389 shares in the company, valued at $63,272,949.85. The trade was a 0.21% 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 have sold a total of 480,443 shares of company stock valued at $11,238,540 in the last ninety days. 6.53% 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.