Azora Capital LP Makes New $31.21 Million Investment in Remitly Global, Inc. $RELY

Azora Capital LP purchased a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 1,914,912 shares of the financial services provider’s stock, valued at approximately $31,213,000. Remitly Global comprises approximately 1.4% of Azora Capital LP’s portfolio, making the stock its 26th biggest position. Azora Capital LP owned 0.92% of Remitly Global as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Essex Investment Management Co. LLC bought a new stake in shares of Remitly Global in the 3rd quarter worth approximately $33,000. First Horizon Corp acquired a new stake in Remitly Global during the third quarter valued at approximately $36,000. Exchange Traded Concepts LLC boosted its holdings in Remitly Global by 29.9% during the third quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after buying an additional 714 shares in the last quarter. AlphaQuest LLC boosted its holdings in Remitly Global by 34.4% during the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock worth $71,000 after buying an additional 1,115 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Remitly Global in the second quarter worth approximately $89,000. Institutional investors own 74.25% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on RELY. Bank of America assumed coverage on Remitly Global in a report on Tuesday, February 10th. They issued a “buy” rating and a $18.00 price target on the stock. Weiss Ratings upgraded Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, February 20th. The Goldman Sachs Group boosted their target price on Remitly Global from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, February 19th. Citizens Jmp upped their target price on Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a report on Thursday, February 19th. Finally, Wall Street Zen upgraded Remitly Global from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $22.78.

Insiders Place Their Bets

In other news, CFO Vikas D. Mehta sold 25,000 shares of Remitly Global stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $17.50, for a total transaction of $437,500.00. Following the transaction, the chief financial officer owned 862,759 shares in the company, valued at approximately $15,098,282.50. The trade was a 2.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joshua Hug sold 29,049 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $17.98, for a total value of $522,301.02. Following the transaction, the director directly owned 3,575,733 shares in the company, valued at $64,291,679.34. The trade was a 0.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,073,290 shares of company stock valued at $193,019,269 over the last quarter. 7.50% of the stock is owned by insiders.

Remitly Global Stock Down 1.8%

Shares of NASDAQ:RELY opened at $15.25 on Friday. The firm has a 50 day simple moving average of $14.56 and a 200 day simple moving average of $15.11. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.70. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. The company has a market cap of $3.21 billion, a PE ratio of 49.19 and a beta of 0.06.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.17. Remitly Global had a net margin of 4.15% and a return on equity of 8.87%. The firm had revenue of $442.18 million for the quarter, compared to analysts’ expectations of $427.27 million. During the same period in the previous year, the company posted ($0.03) EPS. The company’s quarterly revenue was up 25.7% compared to the same quarter last year. As a group, research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share 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.