UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Increases Stock Holdings in Remitly Global, Inc. $RELY

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Remitly Global, Inc. (NASDAQ:RELY) by 89.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 640,945 shares of the financial services provider’s stock after acquiring an additional 302,336 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.30% of Remitly Global worth $14,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Remitly Global by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after buying an additional 3,870 shares during the last quarter. Millennium Management LLC grew its position in shares of Remitly Global by 57.1% during the first quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock worth $7,142,000 after acquiring an additional 124,798 shares during the last quarter. Caxton Associates LLP purchased a new position in shares of Remitly Global during the first quarter worth approximately $218,000. Focus Partners Wealth acquired a new position in shares of Remitly Global in the 1st quarter valued at $1,458,000. Finally, Cetera Investment Advisers raised its position in Remitly Global by 12.0% in the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 1,286 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Citizens Jmp lifted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Wolfe Research raised their price target on Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a report on Tuesday, August 25th. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. KeyCorp increased their price objective on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Finally, The Goldman Sachs Group lifted their target price on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Remitly Global currently has an average rating of “Buy” and an average price target of $27.78.

Insiders Place Their Bets

In related news, insider Pankaj Sharma sold 21,000 shares of the firm’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $26.39, for a total value of $554,190.00. Following the completion of the sale, the insider owned 716,022 shares in the company, valued at $18,895,820.58. This trade represents a 2.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas Mehta sold 25,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total transaction of $653,750.00. Following the sale, the chief financial officer directly owned 943,735 shares in the company, valued at approximately $24,678,670.25. This represents a 2.58% 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. Over the last three months, insiders have sold 509,071 shares of company stock worth $12,498,436. Insiders own 6.53% of the company’s stock.

Remitly Global Trading Down 2.8%

Shares of RELY stock opened at $26.17 on Friday. The stock has a 50 day simple moving average of $24.50 and a 200-day simple moving average of $20.80. The company has a market cap of $5.54 billion, a price-to-earnings ratio of 18.83 and a beta of 0.36. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.48.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $486.25 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. Remitly Global’s quarterly revenue was up 20.2% on a year-over-year basis. On average, equities analysts forecast that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

About Remitly Global

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.