4,892,320 Shares in Remitly Global, Inc. $RELY Acquired by Generation Investment Management LLP

Generation Investment Management LLP bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,892,320 shares of the financial services provider’s stock, valued at approximately $109,637,000. Remitly Global accounts for 1.1% of Generation Investment Management LLP’s holdings, making the stock its 20th largest position.

Several other hedge funds and other institutional investors have also bought and sold shares of RELY. Torren Management LLC purchased a new position in shares of Remitly Global in the 4th quarter valued at $25,000. Summit Securities Group LLC purchased a new stake in shares of Remitly Global during the 1st quarter worth $26,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Remitly Global during the 4th quarter worth $28,000. HighMark Wealth Management LLC bought a new stake in Remitly Global during the fourth quarter valued at about $35,000. Finally, EverSource Wealth Advisors LLC boosted its position in Remitly Global by 140.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 1,545 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

Insider Transactions at Remitly Global

In related news, Director Phillip John Riese sold 69,818 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $23.54, for a total value of $1,643,515.72. Following the completion of the transaction, the director directly owned 261,094 shares of the company’s stock, valued at $6,146,152.76. This trade represents a 21.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Nigel W. Morris sold 3,249 shares of Remitly Global stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $26.53, for a total transaction of $86,195.97. Following the completion of the sale, the director owned 1,827,807 shares of the company’s stock, valued at $48,491,719.71. This trade represents a 0.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 522,692 shares of company stock worth $12,398,386. Insiders own 6.53% of the company’s stock.

Remitly Global Price Performance

Remitly Global stock opened at $25.06 on Thursday. The stock has a market capitalization of $5.30 billion, a price-to-earnings ratio of 18.03 and a beta of 0.34. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15. The business has a fifty day moving average price of $23.15 and a 200-day moving average price of $19.74.

Remitly Global (NASDAQ:RELY) last announced its 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. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The company had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. During the same period in the prior year, the company posted $0.03 EPS. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities research analysts anticipate that Remitly Global, Inc. will post 0.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on RELY shares. The Goldman Sachs Group boosted their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Cantor Fitzgerald lifted their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Wolfe Research reaffirmed an “outperform” rating and issued a $31.00 price objective on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Two investment 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 stock. Based on data from MarketBeat.com, Remitly Global has an average rating of “Buy” and a consensus target price of $27.67.

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.