Remitly Global, Inc. $RELY Shares Sold by Moore Capital Management LP

Moore Capital Management LP cut its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 54.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 307,120 shares of the financial services provider’s stock after selling 372,880 shares during the period. Moore Capital Management LP owned about 0.15% of Remitly Global worth $6,883,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. GAMMA Investing LLC lifted its holdings in Remitly Global by 45.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock worth $49,000 after buying an additional 677 shares during the last quarter. California State Teachers Retirement System raised its position in Remitly Global by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after purchasing an additional 679 shares during the last quarter. Main Management ETF Advisors LLC raised its holdings in shares of Remitly Global by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock valued at $1,329,000 after buying an additional 984 shares during the last quarter. Empowered Funds LLC lifted its position in Remitly Global by 2.9% during the 1st quarter. Empowered Funds LLC now owns 37,593 shares of the financial services provider’s stock worth $589,000 after acquiring an additional 1,050 shares during the period. Finally, New York State Teachers Retirement System lifted its holdings in shares of Remitly Global by 8.4% during the fourth quarter. New York State Teachers Retirement System now owns 15,203 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 1,184 shares during the period. 74.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RELY has been the subject of a number of research analyst reports. Wolfe Research increased their price target on shares of Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, August 25th. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Cantor Fitzgerald raised their price objective on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Monday, August 10th. KeyCorp lifted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Finally, Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Remitly Global currently has an average rating of “Buy” and a consensus price target of $27.78.

Remitly Global Price Performance

RELY stock opened at $26.55 on Monday. The company has a 50-day simple moving average of $23.99 and a 200 day simple moving average of $20.39. The company has a market capitalization of $5.62 billion, a P/E ratio of 19.10 and a beta of 0.34. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.15.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. During the same quarter in the previous year, the company posted $0.03 EPS. The business’s revenue was up 20.2% compared to the same quarter last year. Equities analysts anticipate that Remitly Global, Inc. will post 0.85 EPS for the current year.

Insiders Place Their Bets

In related news, Director Phillip John Riese sold 69,818 shares of the stock in a transaction dated 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 sale, the director owned 261,094 shares in the company, valued at approximately $6,146,152.76. This trade represents a 21.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joshua Hug sold 5,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $23.65, for a total value of $130,075.00. Following the completion of the sale, the director owned 2,675,389 shares of the company’s stock, valued at $63,272,949.85. This represents a 0.21% 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. In the last ninety days, insiders sold 481,771 shares of company stock valued at $11,773,957. 6.53% of the stock is owned by company insiders.

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.