Counterpoint Mutual Funds LLC Acquires Shares of 35,534 Remitly Global, Inc. $RELY

Counterpoint Mutual Funds LLC bought a new position in Remitly Global, Inc. (NASDAQ:RELY) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 35,534 shares of the financial services provider’s stock, valued at approximately $557,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Torren Management LLC purchased a new stake in shares of Remitly Global during the fourth quarter valued at approximately $25,000. Cullen Frost Bankers Inc. purchased a new position in Remitly Global in the 4th quarter worth approximately $28,000. GAMMA Investing LLC raised its holdings in Remitly Global by 280.2% in the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,628 shares during the last quarter. HighMark Wealth Management LLC bought a new position in Remitly Global in the 4th quarter valued at approximately $35,000. Finally, EverSource Wealth Advisors LLC lifted its position in Remitly Global by 140.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 1,545 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Insider Activity

In related news, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $526,750.00. Following the completion of the sale, the chief financial officer owned 988,004 shares in the company, valued at approximately $20,817,244.28. This represents a 2.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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. Also, insider Pankaj Sharma sold 16,000 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total value of $320,160.00. Following the sale, the insider owned 767,810 shares of the company’s stock, valued at approximately $15,363,878.10. This trade represents a 2.04% 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. Over the last three months, insiders sold 250,618 shares of company stock worth $5,326,743. Insiders own 6.53% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on RELY shares. Cantor Fitzgerald increased their target price on Remitly Global from $24.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Citigroup restated a “market outperform” rating on shares of Remitly Global in a research note on Thursday, June 4th. Monness Crespi & Hardt upped their price target on Remitly Global from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Citizens Jmp increased their price objective on Remitly Global from $22.00 to $26.00 and gave the company a “market outperform” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen downgraded Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.62.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $23.75 on Friday. The company has a market cap of $5.00 billion, a price-to-earnings ratio of 48.47 and a beta of 0.34. The company’s 50 day moving average is $21.33 and its 200 day moving average is $17.36. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $24.92.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The company had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $438.94 million. During the same quarter last year, the company posted $0.05 earnings per share. The firm’s quarterly revenue was up 25.2% on a year-over-year basis. Sell-side analysts expect that Remitly Global, Inc. will post 0.62 EPS for the current fiscal 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.