Picton Mahoney Asset Management Has $770,000 Stake in Remitly Global, Inc. $RELY

Picton Mahoney Asset Management lifted its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 504.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 47,306 shares of the financial services provider’s stock after purchasing an additional 39,479 shares during the period. Picton Mahoney Asset Management’s holdings in Remitly Global were worth $770,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in RELY. Norges Bank acquired a new position in Remitly Global in the 2nd quarter valued at $36,619,000. Arrowstreet Capital Limited Partnership increased its position in Remitly Global by 97.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,986,570 shares of the financial services provider’s stock worth $56,058,000 after buying an additional 1,472,210 shares during the period. Qube Research & Technologies Ltd lifted its holdings in shares of Remitly Global by 148.3% during the second quarter. Qube Research & Technologies Ltd now owns 1,940,045 shares of the financial services provider’s stock worth $36,415,000 after buying an additional 1,158,597 shares in the last quarter. Jump Financial LLC lifted its holdings in shares of Remitly Global by 174.0% during the second quarter. Jump Financial LLC now owns 1,083,080 shares of the financial services provider’s stock worth $20,329,000 after buying an additional 687,765 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its position in shares of Remitly Global by 245.8% in the second quarter. Squarepoint Ops LLC now owns 614,182 shares of the financial services provider’s stock valued at $11,528,000 after acquiring an additional 436,557 shares during the period. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Stock Performance

RELY opened at $17.04 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.30 and a current ratio of 3.30. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $24.70. The firm has a market cap of $3.59 billion, a P/E ratio of 54.97 and a beta of 0.06. The business’s fifty day moving average is $14.30 and its 200-day moving average is $15.19.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The business had revenue of $442.18 million during the quarter, compared to the consensus estimate of $427.27 million. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. Remitly Global’s revenue for the quarter was up 25.7% compared to the same quarter last year. Sell-side analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Insider Activity

In other news, CFO Vikas D. Mehta sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $17.50, for a total value of $437,500.00. Following the completion of the transaction, the chief financial officer directly owned 862,759 shares in the company, valued at approximately $15,098,282.50. The trade was a 2.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joshua Hug sold 29,049 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $17.98, for a total transaction of $522,301.02. Following the sale, the director directly owned 3,575,733 shares of the company’s stock, valued at approximately $64,291,679.34. This trade represents a 0.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 66,549 shares of company stock valued at $1,139,256 in the last 90 days. 7.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Oppenheimer set a $20.00 price target on shares of Remitly Global in a research note on Thursday, February 19th. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 20th. JPMorgan Chase & Co. cut their price objective on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Tuesday, January 20th. Weiss Ratings upgraded shares of Remitly Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 20th. Finally, Citizens Jmp raised their target price on shares of Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $22.78.

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.