Washington Harbour Partners LP Purchases Shares of 89,000 Remitly Global, Inc. (NASDAQ:RELY)

Washington Harbour Partners LP acquired a new position in Remitly Global, Inc. (NASDAQ:RELY) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 89,000 shares of the financial services provider’s stock, valued at approximately $2,009,000. Remitly Global comprises approximately 3.7% of Washington Harbour Partners LP’s investment portfolio, making the stock its 13th largest holding.

Other hedge funds also recently made changes to their positions in the company. Stifel Financial Corp boosted its holdings in Remitly Global by 10.4% during the fourth quarter. Stifel Financial Corp now owns 57,146 shares of the financial services provider’s stock worth $1,290,000 after buying an additional 5,390 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Remitly Global during the 4th quarter worth $1,228,000. DHK Financial Advisors Inc. bought a new stake in shares of Remitly Global during the 4th quarter worth $273,000. Robeco Institutional Asset Management B.V. grew its holdings in shares of Remitly Global by 8.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 606,500 shares of the financial services provider’s stock worth $13,689,000 after acquiring an additional 49,200 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Remitly Global by 3.6% during the fourth quarter. Bank of Montreal Can now owns 41,271 shares of the financial services provider’s stock worth $931,000 after purchasing an additional 1,435 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Performance

RELY stock opened at $22.54 on Tuesday. The stock has a market cap of $4.59 billion, a P/E ratio of -118.63 and a beta of 0.16. The firm has a 50 day simple moving average of $20.72 and a 200 day simple moving average of $21.83. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32.

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

Analyst Ratings Changes

A number of research firms recently weighed in on RELY. Barclays increased their price target on Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, May 12th. Monness Crespi & Hardt raised their target price on shares of Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. JMP Securities reissued a “market outperform” rating and issued a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. The Goldman Sachs Group upped their price target on shares of Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Finally, William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Remitly Global currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.88.

Insider Activity

In other news, Director Bora Chung sold 13,000 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $22.76, for a total transaction of $295,880.00. Following the transaction, the director now owns 103,171 shares in the company, valued at $2,348,171.96. This represents a 11.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the transaction, the insider now owns 397,805 shares in the company, valued at $7,562,273.05. This represents a 1.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,000,301 shares of company stock worth $274,474,592 in the last three months. 7.50% of the stock is owned by insiders.

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.