LGT Fund Management Co Ltd. Acquires 45,150 Shares of Remitly Global, Inc. $RELY

LGT Fund Management Co Ltd. grew its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 31.4% during the second quarter, Holdings Channel.com reports. The institutional investor owned 189,150 shares of the financial services provider’s stock after purchasing an additional 45,150 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Remitly Global were worth $3,550,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Townsquare Capital LLC boosted its holdings in shares of Remitly Global by 2.5% during the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider’s stock worth $393,000 after buying an additional 459 shares in the last quarter. Xponance Inc. boosted its holdings in shares of Remitly Global by 4.8% during the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider’s stock worth $237,000 after buying an additional 518 shares in the last quarter. Elequin Capital LP bought a new position in shares of Remitly Global during the 1st quarter worth approximately $30,000. KBC Group NV boosted its holdings in shares of Remitly Global by 29.8% during the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider’s stock worth $165,000 after buying an additional 1,823 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Remitly Global during the 1st quarter worth approximately $41,000. 74.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RELY. JMP Securities lowered their target price on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a research report on Monday, September 15th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a research report on Saturday, September 27th. KeyCorp reaffirmed an “overweight” rating and set a $28.00 target price (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Finally, Wall Street Zen raised Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.88.

Insider Buying and Selling

In related news, Director Phillip John Riese sold 5,000 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the sale, the director directly owned 112,496 shares of the company’s stock, valued at approximately $2,249,920. This represents a 4.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $16.68, for a total value of $243,244.44. Following the completion of the sale, the chief executive officer directly owned 4,544,354 shares of the company’s stock, valued at $75,799,824.72. The trade was a 0.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 93,943 shares of company stock valued at $1,720,993. 7.50% of the stock is owned by corporate insiders.

Remitly Global Trading Down 0.2%

NASDAQ RELY opened at $16.04 on Friday. The firm has a market capitalization of $3.31 billion, a P/E ratio of 267.38 and a beta of 0.10. The business has a fifty day simple moving average of $17.93 and a 200 day simple moving average of $19.40. Remitly Global, Inc. has a 12 month low of $12.43 and a 12 month high of $27.32.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The company had revenue of $411.85 million during the quarter, compared to analysts’ expectations of $384.59 million. Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The company’s quarterly revenue was up 34.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.06) earnings per share. As a group, sell-side analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.