LB Partners LLC Has $11.89 Million Stake in Remitly Global, Inc. $RELY

LB Partners LLC lifted its stake in Remitly Global, Inc. (NASDAQ:RELY) by 10.5% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 633,270 shares of the financial services provider’s stock after purchasing an additional 60,000 shares during the quarter. Remitly Global comprises 7.6% of LB Partners LLC’s portfolio, making the stock its 5th biggest holding. LB Partners LLC owned about 0.31% of Remitly Global worth $11,886,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the stock. Elequin Capital LP bought a new stake in Remitly Global in the first quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Remitly Global during the 1st quarter worth about $41,000. Exchange Traded Concepts LLC bought a new position in Remitly Global during the 1st quarter valued at about $46,000. Caitong International Asset Management Co. Ltd purchased a new stake in Remitly Global in the 1st quarter worth about $66,000. Finally, Flaharty Asset Management LLC purchased a new stake in Remitly Global in the 1st quarter worth about $94,000. Institutional investors own 74.25% of the company’s stock.

Remitly Global Trading Up 1.9%

RELY opened at $15.59 on Monday. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of 259.88 and a beta of 0.10. Remitly Global, Inc. has a 12-month low of $14.28 and a 12-month high of $27.32. The business’s fifty day simple moving average is $17.62 and its 200-day simple moving average is $19.00.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The business had revenue of $411.85 million during the quarter, compared to analysts’ expectations of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The firm’s revenue was up 34.4% compared to the same quarter last year. During the same period last year, the company earned ($0.06) earnings per share. On average, equities research analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on RELY shares. JMP Securities dropped their target price on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating for the company in a research report on Monday, September 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Remitly Global in a research note on Wednesday, October 8th. KeyCorp reissued an “overweight” rating and set a $28.00 target price (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. The Goldman Sachs Group cut their price target on shares of Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Finally, William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $27.25.

Insider Buying and Selling

In other Remitly Global news, Director Phillip John Riese sold 5,000 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the sale, the director owned 112,496 shares of the company’s stock, valued at approximately $2,249,920. This trade represents a 4.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Pankaj Sharma sold 4,000 shares of the business’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total value of $80,000.00. Following the completion of the transaction, the insider directly owned 182,926 shares of the company’s stock, valued at approximately $3,658,520. The trade was a 2.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 93,943 shares of company stock worth $1,696,348 in the last three months. Corporate insiders own 8.10% of the company’s stock.

About Remitly Global

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.