27,828 Shares in Remitly Global, Inc. $RELY Bought by Keebeck Wealth Management

Keebeck Wealth Management purchased a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the second quarter, HoldingsChannel reports. The institutional investor purchased 27,828 shares of the financial services provider’s stock, valued at approximately $624,000.

Several other large investors also recently bought and sold shares of RELY. BlackRock Inc. purchased a new position in shares of Remitly Global during the second quarter worth about $410,752,000. Generation Investment Management LLP purchased a new stake in shares of Remitly Global in the 2nd quarter valued at about $109,637,000. Bank of America Corp DE lifted 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 purchasing an additional 4,252,294 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Remitly Global by 86.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after purchasing an additional 2,567,446 shares during the period. Finally, Marshall Wace LLP boosted its position in shares of Remitly Global by 74.4% in the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after purchasing an additional 1,962,076 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Weiss Ratings raised Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Citizens Jmp increased their price objective on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a report on Thursday, August 6th. KeyCorp raised their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Finally, Cantor Fitzgerald upped their price target on shares of Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $27.67.

Remitly Global Stock Up 7.9%

NASDAQ RELY opened at $26.67 on Friday. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $27.15. The business’s 50-day moving average price is $23.42 and its 200 day moving average price is $19.87. The firm has a market cap of $5.65 billion, a P/E ratio of 19.19 and a beta of 0.34.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.03 EPS. As a group, analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Pankaj Sharma sold 16,000 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the transaction, the insider owned 767,810 shares of the company’s stock, valued at approximately $15,363,878.10. The trade was a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total value of $526,750.00. Following 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 position. The SEC filing for this sale provides additional information. 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. In the last ninety days, insiders sold 522,692 shares of company stock worth $12,398,386. 6.53% of the stock is currently owned by insiders.

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.