Y Intercept Hong Kong Ltd Purchases 60,696 Shares of Remitly Global, Inc. $RELY

Y Intercept Hong Kong Ltd raised its position in shares of Remitly Global, Inc. (NASDAQ:RELY) by 64.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 155,418 shares of the financial services provider’s stock after buying an additional 60,696 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Remitly Global were worth $2,435,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Remitly Global by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after acquiring an additional 3,870 shares during the last quarter. Millennium Management LLC raised its position in Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after purchasing an additional 124,798 shares during the last quarter. Caxton Associates LLP acquired a new position in Remitly Global in the first quarter worth $218,000. Focus Partners Wealth acquired a new position in Remitly Global in the first quarter worth $1,458,000. Finally, Cetera Investment Advisers grew its holdings in shares of Remitly Global by 12.0% during the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 1,286 shares during the last quarter. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Performance

RELY opened at $24.13 on Wednesday. The company has a fifty day moving average price of $21.46 and a two-hundred day moving average price of $17.52. The firm has a market capitalization of $5.08 billion, a PE ratio of 49.24 and a beta of 0.34. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $24.92.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The business had revenue of $452.80 million for the quarter, compared to analyst estimates of $438.94 million. During the same period last year, the company earned $0.05 EPS. The firm’s revenue was up 25.2% on a year-over-year basis. Equities analysts forecast that Remitly Global, Inc. will post 0.62 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. KeyCorp raised their target price on Remitly Global from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. Weiss Ratings upgraded shares of Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. Zacks Research downgraded shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Finally, Citigroup reiterated a “market outperform” rating on shares of Remitly Global in a research report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Remitly Global has a consensus rating of “Moderate Buy” and an average price target of $24.62.

Insider Transactions at Remitly Global

In other news, insider Pankaj Sharma sold 16,000 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the completion of the sale, the insider directly owned 767,810 shares of the company’s stock, valued at $15,363,878.10. This represents a 2.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Phillip John Riese sold 40,000 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $20.04, for a total transaction of $801,600.00. Following the completion of the sale, the director owned 122,496 shares in the company, valued at $2,454,819.84. This represents a 24.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 249,188 shares of company stock valued at $5,303,878. Corporate insiders own 6.53% of the company’s stock.

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.