Corient Private Wealth LP Invests $4.45 Million in Remitly Global, Inc. $RELY

Corient Private Wealth LP purchased a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 198,334 shares of the financial services provider’s stock, valued at approximately $4,445,000. Corient Private Wealth LP owned approximately 0.09% of Remitly Global at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of RELY. Summit Securities Group LLC acquired a new position in Remitly Global during the 1st quarter worth $26,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Remitly Global in the 4th quarter valued at $28,000. HighMark Wealth Management LLC acquired a new stake in shares of Remitly Global in the 4th quarter valued at $35,000. EverSource Wealth Advisors LLC raised its position in shares of Remitly Global by 140.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 1,545 shares during the last quarter. Finally, Quarry LP bought a new stake in shares of Remitly Global during the third quarter worth $42,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RELY. Wolfe Research upped their price target on Remitly Global from $31.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday, August 25th. Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday, August 6th. KeyCorp lifted their price target on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Finally, Cantor Fitzgerald boosted their price target on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Monday, August 10th. Two 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $27.78.

Insider Activity at Remitly Global

In other news, Director Nigel W. Morris sold 20,000 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $26.26, for a total value of $525,200.00. Following the completion of the sale, the director directly owned 1,831,056 shares of the company’s stock, valued at $48,083,530.56. This represents a 1.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Joshua Hug sold 16,800 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $22.97, for a total transaction of $385,896.00. Following the completion of the sale, the director owned 3,385,457 shares in the company, valued at $77,763,947.29. This represents a 0.49% 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 three months, insiders sold 502,771 shares of company stock worth $12,328,147. 6.53% of the stock is owned by company insiders.

Remitly Global Stock Up 0.7%

NASDAQ:RELY opened at $26.74 on Tuesday. Remitly Global, Inc. has a 12-month low of $12.08 and a 12-month high of $27.15. The stock’s fifty day simple moving average is $24.11 and its 200-day simple moving average is $20.48. The firm has a market capitalization of $5.66 billion, a P/E ratio of 19.24 and a beta of 0.34.

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

About Remitly Global

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.