GSA Capital Partners LLP Raises Position in Remitly Global, Inc. (NASDAQ:RELY)

GSA Capital Partners LLP boosted its stake in Remitly Global, Inc. (NASDAQ:RELY) by 30.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 262,635 shares of the financial services provider’s stock after buying an additional 60,991 shares during the period. Remitly Global accounts for approximately 0.3% of GSA Capital Partners LLP’s portfolio, making the stock its 22nd largest position. GSA Capital Partners LLP owned 0.13% of Remitly Global worth $3,517,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Millennium Management LLC lifted its holdings in shares of Remitly Global by 108.0% during the second quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after purchasing an additional 2,071,026 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after purchasing an additional 2,001,198 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Remitly Global by 74.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock valued at $42,280,000 after purchasing an additional 1,487,680 shares during the last quarter. Herr Investment Group LLC purchased a new position in shares of Remitly Global during the second quarter valued at approximately $9,285,000. Finally, Hood River Capital Management LLC purchased a new position in shares of Remitly Global during the first quarter valued at approximately $12,789,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Trading Up 1.2 %

Shares of RELY opened at $19.73 on Tuesday. The firm has a market cap of $3.91 billion, a PE ratio of -56.37 and a beta of 0.03. The firm has a fifty day simple moving average of $14.74 and a two-hundred day simple moving average of $13.99. Remitly Global, Inc. has a 1-year low of $11.60 and a 1-year high of $23.01.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The business had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company’s quarterly revenue was up 39.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.20) EPS. As a group, research analysts forecast that Remitly Global, Inc. will post -0.23 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RELY. BMO Capital Markets lifted their target price on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, September 18th. JMP Securities upped their price objective on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. KeyCorp upped their price objective on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Barclays upped their price objective on Remitly Global from $16.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Finally, JPMorgan Chase & Co. upped their price objective on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Remitly Global has a consensus rating of “Moderate Buy” and an average price target of $22.38.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the sale, the chief executive officer now directly owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Pankaj Sharma sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the sale, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the sale, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 8.10% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.