Silvercrest Asset Management Group LLC Makes New Investment in Remitly Global, Inc. (NASDAQ:RELY)

Silvercrest Asset Management Group LLC bought a new position in Remitly Global, Inc. (NASDAQ:RELY) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 233,662 shares of the financial services provider’s stock, valued at approximately $5,274,000. Silvercrest Asset Management Group LLC owned 0.12% of Remitly Global at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in RELY. Global Retirement Partners LLC acquired a new position in shares of Remitly Global in the fourth quarter worth about $28,000. R Squared Ltd acquired a new position in shares of Remitly Global in the fourth quarter worth about $89,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Remitly Global in the fourth quarter worth about $135,000. KBC Group NV boosted its holdings in shares of Remitly Global by 49.7% in the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock worth $138,000 after buying an additional 2,033 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Remitly Global in the fourth quarter worth about $155,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Remitly Global

In related news, insider Joshua Hug sold 10,000 shares of the firm’s stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $19.71, for a total value of $197,100.00. Following the transaction, the insider now directly owns 3,823,811 shares in the company, valued at approximately $75,367,314.81. This trade represents a 0.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.31, for a total transaction of $281,597.73. Following the completion of the transaction, the chief executive officer now owns 4,329,513 shares in the company, valued at $83,602,896.03. The trade was a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,977,301 shares of company stock valued at $273,951,012. 7.50% of the stock is currently owned by corporate insiders.

Remitly Global Stock Performance

Shares of RELY opened at $22.79 on Monday. The firm has a market cap of $4.65 billion, a PE ratio of -119.95 and a beta of 0.16. The firm’s 50 day moving average price is $20.66 and its 200 day moving average price is $21.79. Remitly Global, Inc. has a twelve month low of $11.60 and a twelve month high of $27.32.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.09. The firm had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The company’s revenue for the quarter was up 34.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.11) earnings per share. On average, sell-side analysts anticipate that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RELY. BMO Capital Markets raised their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. The Goldman Sachs Group increased their price target on shares of Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. KeyCorp increased their price target on shares of Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. Barclays increased their price target on shares of Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, May 12th. Finally, William Blair reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $28.88.

Remitly Global 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.