27,306 Shares in Remitly Global, Inc. $RELY Acquired by Meeder Asset Management Inc.

Meeder Asset Management Inc. bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 27,306 shares of the financial services provider’s stock, valued at approximately $612,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Remitly Global during the second quarter worth $410,752,000. Marshall Wace LLP increased its holdings 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 worth $82,741,000 after purchasing an additional 1,396,568 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Remitly Global by 86.0% in 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 during the period. Bank of America Corp DE raised its stake in shares of Remitly Global by 471.7% in the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after purchasing an additional 4,252,294 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Remitly Global by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,149,971 shares of the financial services provider’s stock valued at $57,278,000 after purchasing an additional 67,700 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Price Performance

Remitly Global stock opened at $25.44 on Wednesday. The company has a market cap of $5.39 billion, a price-to-earnings ratio of 18.30 and a beta of 0.34. The firm has a 50-day moving average of $23.01 and a 200-day moving average of $19.66. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $27.15.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.81. The business had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.Remitly Global’s revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.03 earnings per share. As a group, sell-side analysts expect that Remitly Global, Inc. will post 0.85 earnings per share for the current year.

Trending Headlines about Remitly Global

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Zacks upgraded RELY to Rank #1, or “Strong Buy.” The upgrade reflects growing optimism about Remitly’s earnings outlook and may support continued buying interest. Zacks Strong Buy upgrade
• Positive Sentiment: Upward earnings-estimate revisions are signaling potential near-term upside. Zacks identified RELY as a fundamentally strong stock with improving expectations and recent price strength. Earnings estimate revisions
• Positive Sentiment: RELY appeared on several Zacks relative-strength, momentum and Strong Buy lists. This additional visibility could attract momentum-focused investors. Zacks relative-strength list
• Positive Sentiment: Fundamentals remain supportive. Remitly’s latest quarter delivered 20.2% year-over-year revenue growth, $495.16 million in revenue and $0.93 in earnings per share, well above the $0.12 consensus estimate. Analysts retain a “Moderate Buy” consensus, with an average price target of $27.67.
• Neutral Sentiment: The stock is trading near its 52-week high, indicating strong momentum but also leaving less room for error if expectations weaken.
• Negative Sentiment: Director Nigel Morris sold 31,000 shares for approximately $805,490. The transactions reduced his holdings by about 1.65%, though he still owns more than 1.85 million shares. Continued insider selling could temper bullish sentiment. SEC insider transaction filing

Analyst Upgrades and Downgrades

RELY has been the subject of several recent research reports. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Cantor Fitzgerald lifted their target price on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Weiss Ratings raised Remitly Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. KeyCorp raised their price target on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Finally, Wolfe Research reiterated an “outperform” rating and issued a $31.00 price objective on shares of Remitly Global in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $27.67.

Insider Transactions at Remitly Global

In other news, Director Nigel W. Morris sold 20,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $26.20, for a total value of $524,000.00. Following the completion of the sale, the director owned 1,851,056 shares of the company’s stock, valued at approximately $48,497,667.20. This represents a 1.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Phillip John Riese sold 69,818 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $23.54, for a total transaction of $1,643,515.72. Following the completion of the transaction, the director directly owned 261,094 shares of the company’s stock, valued at $6,146,152.76. This represents a 21.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 499,443 shares of company stock worth $11,786,990 in the last 90 days. Corporate insiders own 6.53% of the company’s stock.

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.