New York State Teachers Retirement System Buys New Stake in Remitly Global, Inc. $RELY

New York State Teachers Retirement System purchased a new stake in Remitly Global, Inc. (NASDAQ:RELY) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 13,561 shares of the financial services provider’s stock, valued at approximately $255,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Townsquare Capital LLC boosted its position in Remitly Global by 2.5% in the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider’s stock valued at $393,000 after buying an additional 459 shares during the period. Xponance Inc. boosted its position in Remitly Global by 4.8% in the 1st quarter. Xponance Inc. now owns 11,391 shares of the financial services provider’s stock valued at $237,000 after buying an additional 518 shares during the period. Elequin Capital LP purchased a new position in Remitly Global in the 1st quarter valued at approximately $30,000. KBC Group NV boosted its position in Remitly Global by 29.8% in the 1st quarter. KBC Group NV now owns 7,944 shares of the financial services provider’s stock valued at $165,000 after buying an additional 1,823 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in Remitly Global in the 1st quarter valued at approximately $41,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Insider Activity at Remitly Global

In related news, Director Phillip John Riese sold 5,000 shares of Remitly Global stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00. Following the sale, the director directly owned 112,496 shares in the company, valued at $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 is available through the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the sale, the insider owned 182,926 shares in the company, valued at $3,658,520. This represents 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 valued at $1,696,348 over the last quarter. 7.50% of the stock is owned by insiders.

Remitly Global Trading Up 1.6%

Remitly Global stock opened at $16.96 on Friday. The stock has a market cap of $3.50 billion, a P/E ratio of 282.71 and a beta of 0.10. The company has a fifty day simple moving average of $17.38 and a 200-day simple moving average of $18.94. Remitly Global, Inc. has a 12-month low of $14.28 and a 12-month high of $27.32.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The firm had revenue of $411.85 million for the quarter, compared to analysts’ expectations of $384.59 million. During the same period last year, the firm posted ($0.06) earnings per share. Remitly Global’s revenue for the quarter was up 34.4% on a year-over-year basis. As a group, sell-side analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Remitly Global in a research report on Wednesday, October 8th. Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Wall Street Zen raised shares of Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Friday, October 10th. Finally, The Goldman Sachs Group decreased their price objective on shares of Remitly Global from $26.00 to $21.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.25.

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.