280,330 Shares in Remitly Global, Inc. $RELY Acquired by Squarepoint Ops LLC

Squarepoint Ops LLC bought a new position in Remitly Global, Inc. (NASDAQ:RELY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 280,330 shares of the financial services provider’s stock, valued at approximately $6,282,000. Squarepoint Ops LLC owned approximately 0.13% of Remitly Global at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Baird Financial Group Inc. purchased a new position in shares of Remitly Global during the second quarter worth approximately $240,000. Allworth Financial LP boosted its stake in shares of Remitly Global by 12.5% in the 2nd quarter. Allworth Financial LP now owns 4,859 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 540 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Remitly Global by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 49,407 shares of the financial services provider’s stock valued at $1,107,000 after purchasing an additional 600 shares in the last quarter. Nykredit A S bought a new position in shares of Remitly Global during the 2nd quarter valued at $40,000. Finally, Corient Private Wealth LP grew its holdings in shares of Remitly Global by 5.5% during the 2nd quarter. Corient Private Wealth LP now owns 209,457 shares of the financial services provider’s stock valued at $4,694,000 after purchasing an additional 10,843 shares during the last quarter. 74.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, insider Pankaj Sharma sold 21,000 shares of the stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $26.39, for a total value of $554,190.00. Following the completion of the sale, the insider owned 716,022 shares in the company, valued at approximately $18,895,820.58. This trade represents a 2.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel Morris sold 20,000 shares of Remitly Global stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $26.26, for a total value of $525,200.00. Following the completion of the sale, the director owned 1,831,056 shares in the company, valued at approximately $48,083,530.56. This represents a 1.08% 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 514,571 shares of company stock worth $12,636,101 over the last three months. 6.53% of the stock is owned by corporate insiders.

Remitly Global Stock Down 8.9%

Shares of RELY opened at $21.93 on Friday. The stock has a market capitalization of $4.64 billion, a P/E ratio of 15.78 and a beta of 0.36. The firm has a fifty day simple moving average of $24.61 and a two-hundred day simple moving average of $21.11. Remitly Global, Inc. has a twelve month low of $12.08 and a twelve month high of $27.48.

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

Wall Street Analyst Weigh In

Several analysts have weighed in on RELY shares. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Monness Crespi & Hardt reiterated a “buy” rating on shares of Remitly Global in a report on Thursday, August 6th. Cantor Fitzgerald boosted their target price on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Weiss Ratings upgraded Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Finally, Wolfe Research raised their price target on Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 25th. Two 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 company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $27.78.

Remitly Global Company 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.