Summit Creek Advisors LLC Invests $6.90 Million in Remitly Global, Inc. $RELY

Summit Creek Advisors LLC purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 307,737 shares of the financial services provider’s stock, valued at approximately $6,896,000. Remitly Global comprises about 2.3% of Summit Creek Advisors LLC’s investment portfolio, making the stock its 14th largest position. Summit Creek Advisors LLC owned 0.15% of Remitly Global as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in Remitly Global by 45.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after buying an additional 677 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Remitly Global by 0.5% during the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after acquiring an additional 679 shares during the last quarter. Main Management ETF Advisors LLC lifted its position in shares of Remitly Global by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock valued at $1,329,000 after acquiring an additional 984 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Remitly Global by 2.9% in the first quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock valued at $589,000 after acquiring an additional 1,050 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its stake in shares of Remitly Global by 8.4% in the fourth quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 1,184 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Remitly Global

In related 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 owned 767,810 shares of the company’s stock, valued at approximately $15,363,878.10. This represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel W. Morris sold 20,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $26.20, for a total transaction of $524,000.00. Following the sale, the director owned 1,851,056 shares of the company’s stock, valued at approximately $48,497,667.20. The trade was a 1.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 499,443 shares of company stock worth $11,786,990. Corporate insiders own 6.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on RELY shares. Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. KeyCorp raised their price objective on Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Wolfe Research reaffirmed an “outperform” rating and set a $31.00 target price on shares of Remitly Global in a research note on Thursday, August 6th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, Citizens Jmp increased their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Remitly Global has a consensus rating of “Buy” and a consensus price target of $27.67.

More Remitly Global News

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Zacks upgraded RELY to Rank #1, or “Strong Buy.” The upgrade reflects growing optimism about Remitly’s earnings outlook and may support continued buying interest. Zacks Strong Buy upgrade
• Positive Sentiment: Upward earnings-estimate revisions are signaling potential near-term upside. Zacks identified RELY as a fundamentally strong stock with improving expectations and recent price strength. Earnings estimate revisions
• Positive Sentiment: RELY appeared on several Zacks relative-strength, momentum and Strong Buy lists. This additional visibility could attract momentum-focused investors. Zacks relative-strength list
• Positive Sentiment: Fundamentals remain supportive. Remitly’s latest quarter delivered 20.2% year-over-year revenue growth, $495.16 million in revenue and $0.93 in earnings per share, well above the $0.12 consensus estimate. Analysts retain a “Moderate Buy” consensus, with an average price target of $27.67.
• Neutral Sentiment: The stock is trading near its 52-week high, indicating strong momentum but also leaving less room for error if expectations weaken.
• Negative Sentiment: Director Nigel Morris sold 31,000 shares for approximately $805,490. The transactions reduced his holdings by about 1.65%, though he still owns more than 1.85 million shares. Continued insider selling could temper bullish sentiment. SEC insider transaction filing

Remitly Global Price Performance

RELY stock opened at $25.44 on Wednesday. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15. The firm has a market capitalization of $5.39 billion, a PE ratio of 18.30 and a beta of 0.34. The business has a 50 day simple moving average of $23.01 and a 200-day simple moving average of $19.66.

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

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.