Summit Creek Advisors LLC trimmed its position in shares of Remitly Global, Inc. (NASDAQ:RELY – Free Report) by 15.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 259,549 shares of the financial services provider’s stock after selling 48,188 shares during the quarter. Remitly Global makes up approximately 2.2% of Summit Creek Advisors LLC’s investment portfolio, making the stock its 19th largest position. Summit Creek Advisors LLC’s holdings in Remitly Global were worth $5,539,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. State of Wyoming acquired a new stake in Remitly Global in the 2nd quarter valued at about $935,000. Squarepoint Ops LLC purchased a new position in Remitly Global in the 2nd quarter worth approximately $6,282,000. Bank of America Corp DE purchased a new position in Remitly Global in the 2nd quarter worth approximately $27,757,000. California State Teachers Retirement System boosted its holdings in shares of Remitly Global by 24.7% during the 1st quarter. California State Teachers Retirement System now owns 208,409 shares of the financial services provider’s stock worth $3,266,000 after purchasing an additional 41,221 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Remitly Global during the 3rd quarter worth approximately $31,985,000. 74.25% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other news, insider Pankaj Sharma sold 21,000 shares of Remitly Global stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $26.39, for a total transaction of $554,190.00. Following the sale, the insider owned 716,022 shares of the company’s stock, valued at approximately $18,895,820.58. The trade was a 2.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vikas Mehta sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total value of $653,750.00. Following the completion of the transaction, the chief financial officer owned 943,735 shares in the company, valued at $24,678,670.25. This represents a 2.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 315,118 shares of company stock worth $7,769,632 over the last quarter. 6.53% of the stock is currently owned by corporate insiders.
Remitly Global Price Performance
Shares of RELY stock opened at $22.32 on Friday. The firm’s 50-day moving average is $23.59 and its two-hundred day moving average is $20.71. Remitly Global, Inc. has a 12 month low of $12.08 and a 12 month high of $28.00. The company has a market capitalization of $4.72 billion, a PE ratio of 13.53 and a beta of 0.46.
Remitly Global (NASDAQ:RELY – Get Free Report) last posted its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.15. Remitly Global had a net margin of 19.14% and a return on equity of 35.56%. The business had revenue of $509.84 million during the quarter, compared to analysts’ expectations of $507.31 million. During the same quarter in the prior year, the company posted $0.04 EPS. The business’s revenue for the quarter was up 21.5% on a year-over-year basis. Sell-side analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current year.
Analysts Set New Price Targets
RELY has been the subject of a number of analyst reports. Cantor Fitzgerald upped their price target on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Citigroup reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Wall Street Zen downgraded Remitly Global from a “buy” rating to a “hold” rating in a research report on Saturday. KeyCorp boosted their price objective on Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Finally, Weiss Ratings lowered Remitly Global from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $27.78.
Check Out Our Latest Stock Report on Remitly Global
More Remitly Global News
Here are the key news stories impacting Remitly Global this week:
- Positive Sentiment: Remitly reported record third-quarter growth and beat earnings and revenue estimates. Earnings were $0.48 per share versus the Zacks consensus of $0.33, while revenue of $509.8 million topped estimates of $507.3 million. Article: Remitly Global Tops Q3 Earnings and Revenue Estimates
- Positive Sentiment: Management raised its 2026 outlook after the strong quarter, citing AI-driven efficiency, higher transaction volumes and expansion of payment services. It expects fourth-quarter revenue of $531 million to $533 million and outlined high-teens growth for 2027, bolstering the growth outlook. Article: RELY Q3 Earnings Call Highlights Growth and Higher Outlook
- Neutral Sentiment: Remitly’s management will participate in an investor conference and post-earnings webinar on November 9. The events may provide more detail on results and guidance but are not, by themselves, a change to the company’s outlook. Article: Remitly Announces Upcoming Webinar and Investor Conference Participation
- Negative Sentiment: Put-option trading was unusually active, with 2,262 puts purchased—134% above typical volume. This may reflect bearish positioning or hedging, though options activity alone does not establish a clear view of the stock’s direction.
About Remitly Global
Remitly Global, Inc is a digital financial services company that enables consumers to send money internationally. Its platform is designed primarily for immigrants and other customers who regularly transfer funds to family and friends in their countries of origin.
Through its mobile application and website, Remitly allows users to initiate cross-border remittances and select delivery options such as bank deposits, mobile-wallet transfers, cash pickup and, in some markets, home delivery.
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