Two Sigma Securities LLC Buys New Holdings in Remitly Global, Inc. $RELY

Two Sigma Securities LLC purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the second quarter, HoldingsChannel reports. The firm purchased 31,024 shares of the financial services provider’s stock, valued at approximately $695,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Summit Securities Group LLC bought a new stake in shares of Remitly Global during the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. bought a new position in shares of Remitly Global in the 4th quarter worth $28,000. GAMMA Investing LLC grew its position in Remitly Global by 45.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 677 shares during the period. HighMark Wealth Management LLC acquired a new stake in Remitly Global in the 4th quarter valued at $35,000. Finally, Quarry LP bought a new stake in Remitly Global during the 3rd quarter valued at $42,000. Institutional investors own 74.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. 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 report on Monday, August 10th. Wolfe Research raised their price objective on shares of Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a report on Tuesday, August 25th. Monness Crespi & Hardt reaffirmed a “buy” rating on shares of Remitly Global in a research report on Thursday, August 6th. Citizens Jmp boosted their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Remitly Global presently has a consensus rating of “Buy” and a consensus target price of $27.78.

Insider Transactions at Remitly Global

In related news, Director Joshua Hug sold 16,800 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $22.97, for a total value of $385,896.00. Following the completion of the transaction, the director directly owned 3,385,457 shares of the company’s stock, valued at approximately $77,763,947.29. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nigel W. Morris sold 20,000 shares of Remitly Global stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $26.26, for a total transaction of $525,200.00. Following the completion of the transaction, the director owned 1,831,056 shares of the company’s stock, valued at $48,083,530.56. This represents a 1.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 502,771 shares of company stock valued at $12,328,147. 6.53% of the stock is currently owned by insiders.

Remitly Global Stock Performance

RELY stock opened at $25.71 on Wednesday. The stock has a fifty day moving average of $24.22 and a 200-day moving average of $20.57. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.15. The company has a market capitalization of $5.44 billion, a price-to-earnings ratio of 18.50 and a beta of 0.36.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. The business had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.03 EPS. Equities analysts predict that Remitly Global, Inc. will post 0.85 EPS for the current year.

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.