Future Fund LLC Boosts Stock Position in Remitly Global, Inc. $RELY

Future Fund LLC raised its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 26.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 105,926 shares of the financial services provider’s stock after purchasing an additional 22,224 shares during the period. Future Fund LLC owned about 0.05% of Remitly Global worth $1,660,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. California State Teachers Retirement System increased its stake in shares of Remitly Global by 0.5% in the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock worth $2,550,000 after buying an additional 679 shares during the last quarter. Main Management ETF Advisors LLC boosted its stake in Remitly Global by 1.0% during the 4th 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 during the last quarter. New York State Teachers Retirement System boosted its stake in Remitly Global by 8.4% during the 4th quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock valued at $210,000 after acquiring an additional 1,184 shares during the last quarter. Cetera Investment Advisers grew its holdings in Remitly Global by 12.0% during the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 1,286 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Remitly Global by 140.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 1,545 shares in the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RELY shares. Citigroup reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday. KeyCorp increased their price target on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a research note on Wednesday, April 1st. Weiss Ratings raised Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. Finally, The Goldman Sachs Group upped their price objective on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.50.

Insiders Place Their Bets

In related news, Director Joshua Hug sold 34,383 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $24.89, for a total transaction of $855,792.87. Following the completion of the sale, the director owned 3,482,320 shares of the company’s stock, valued at $86,674,944.80. This represents a 0.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pankaj Sharma sold 16,000 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $20.01, for a total transaction of $320,160.00. Following the sale, the insider owned 767,810 shares in the company, valued at approximately $15,363,878.10. This trade represents a 2.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 187,188 shares of company stock worth $4,087,718. Corporate insiders own 6.53% of the company’s stock.

Remitly Global Price Performance

Remitly Global stock opened at $24.13 on Friday. The company has a market cap of $5.08 billion, a PE ratio of 49.24 and a beta of 0.34. The company has a fifty day moving average price of $21.69 and a two-hundred day moving average price of $18.03. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $25.75.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating 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 firm had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. During the same quarter in the previous year, the firm earned $0.05 earnings per share. The firm’s revenue for the quarter was up 25.2% compared to the same quarter last year. Equities research analysts anticipate that Remitly Global, Inc. will post 0.62 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.