Lisanti Capital Growth LLC Takes $4.35 Million Position in Remitly Global, Inc. $RELY

Lisanti Capital Growth LLC purchased a new position in Remitly Global, Inc. (NASDAQ:RELY) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 194,070 shares of the financial services provider’s stock, valued at approximately $4,349,000.

Several other large investors have also recently modified their holdings of RELY. BlackRock Inc. bought a new position in Remitly Global in the 2nd quarter worth about $410,752,000. Marshall Wace LLP increased its stake in Remitly Global by 30.4% during the 4th quarter. Marshall Wace LLP now owns 5,995,712 shares of the financial services provider’s stock valued at $82,741,000 after purchasing an additional 1,396,568 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Remitly Global by 86.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after purchasing an additional 2,567,446 shares in the last quarter. Bank of America Corp DE raised its holdings in Remitly Global by 471.7% in the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock worth $80,759,000 after buying an additional 4,252,294 shares during the last quarter. Finally, Generation Investment Management LLP purchased a new position in Remitly Global in the second quarter worth about $109,637,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Trading Down 1.5%

RELY opened at $25.06 on Thursday. The company has a market cap of $5.30 billion, a price-to-earnings ratio of 18.03 and a beta of 0.34. The company’s 50 day moving average is $23.15 and its 200 day moving average is $19.74. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.15.

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 net margin of 16.85% and a return on equity of 33.33%. The company had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. During the same period in the previous year, the business posted $0.03 earnings per share. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, analysts predict that Remitly Global, Inc. will post 0.85 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, Director Nigel W. Morris sold 20,000 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $26.20, for a total transaction of $524,000.00. Following the completion of the sale, the director owned 1,851,056 shares of the company’s stock, valued at $48,497,667.20. The trade was a 1.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total value of $526,750.00. Following the completion of the sale, the chief financial officer owned 988,004 shares of the company’s stock, valued at $20,817,244.28. This trade represents a 2.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 522,692 shares of company stock worth $12,398,386. Insiders own 6.53% of the company’s stock.

Wall Street Analyst Weigh In

RELY has been the topic of several analyst reports. The Goldman Sachs Group upped their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Weiss Ratings raised shares of Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Citizens Jmp boosted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. Finally, Wolfe Research reiterated an “outperform” rating and set a $31.00 target price on shares of Remitly Global in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $27.67.

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.