Washington Harbour Partners LP Takes Position in Remitly Global, Inc. (NASDAQ:RELY)

Washington Harbour Partners LP purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 89,000 shares of the financial services provider’s stock, valued at approximately $2,009,000. Remitly Global makes up approximately 3.7% of Washington Harbour Partners LP’s portfolio, making the stock its 13th largest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Global Retirement Partners LLC acquired a new stake in shares of Remitly Global during the fourth quarter valued at about $28,000. R Squared Ltd acquired a new stake in Remitly Global during the 4th quarter valued at approximately $89,000. Wilmington Savings Fund Society FSB acquired a new stake in Remitly Global during the 4th quarter valued at approximately $135,000. KBC Group NV increased its holdings in Remitly Global by 49.7% during the 4th quarter. KBC Group NV now owns 6,121 shares of the financial services provider’s stock worth $138,000 after purchasing an additional 2,033 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Remitly Global in the 4th quarter valued at approximately $155,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Wall Street Analyst Weigh In

RELY has been the subject of a number of recent analyst reports. KeyCorp raised 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. William Blair reissued an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. 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. The Goldman Sachs Group boosted their price objective on Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, May 8th. Finally, Wells Fargo & Company upped their price objective on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.88.

Remitly Global Stock Down 1.1%

Shares of NASDAQ RELY opened at $22.54 on Tuesday. The firm’s 50-day moving average price is $20.72 and its two-hundred day moving average price is $21.83. Remitly Global, Inc. has a 52-week low of $11.60 and a 52-week high of $27.32. The stock has a market capitalization of $4.59 billion, a P/E ratio of -118.63 and a beta of 0.16.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data 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. The business had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The business’s revenue for the quarter was up 34.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.11) EPS. As a group, equities research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

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

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.