New York State Teachers Retirement System Purchases New Holdings in Remitly Global, Inc. $RELY

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

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. RHS Financial LLC purchased a new position in Remitly Global in the 2nd quarter valued at about $281,000. Inspire Investing LLC acquired a new stake in Remitly Global in the 2nd quarter valued at about $769,000. KLP Kapitalforvaltning AS raised its holdings in Remitly Global by 13.5% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 31,900 shares of the financial services provider’s stock valued at $599,000 after acquiring an additional 3,800 shares during the last quarter. Simplicity Wealth LLC raised its holdings in Remitly Global by 41.1% in the 2nd quarter. Simplicity Wealth LLC now owns 39,336 shares of the financial services provider’s stock valued at $738,000 after acquiring an additional 11,459 shares during the last quarter. Finally, LGT Fund Management Co Ltd. raised its holdings in Remitly Global by 31.4% in the 2nd quarter. LGT Fund Management Co Ltd. now owns 189,150 shares of the financial services provider’s stock valued at $3,550,000 after acquiring an additional 45,150 shares during the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Remitly Global

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $15.59, for a total value of $227,348.97. Following the completion of the sale, the chief executive officer owned 4,515,188 shares in the company, valued at approximately $70,391,780.92. This trade represents a 0.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joshua Hug sold 40,777 shares of Remitly Global stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $18.41, for a total transaction of $750,704.57. Following the completion of the sale, the director owned 3,654,288 shares of the company’s stock, valued at $67,275,442.08. This trade represents a 1.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 93,943 shares of company stock worth $1,696,348 over the last quarter. Company insiders own 7.50% of the company’s stock.

Remitly Global Price Performance

Shares of NASDAQ RELY opened at $16.96 on Friday. The company has a 50 day simple moving average of $17.38 and a 200-day simple moving average of $18.94. The company has a market capitalization of $3.50 billion, a P/E ratio of 282.71 and a beta of 0.10. Remitly Global, Inc. has a 1 year low of $14.28 and a 1 year high of $27.32.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The firm had revenue of $411.85 million for the quarter, compared to analyst estimates of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The firm’s quarterly revenue was up 34.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.06) EPS. As a group, research analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current year.

Analyst Ratings Changes

RELY has been the subject of a number of recent research reports. JMP Securities cut their price objective on shares of Remitly Global from $32.00 to $23.00 and set a “market outperform” rating for the company in a report on Monday, September 15th. Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. The Goldman Sachs Group cut their price objective on shares of Remitly Global from $26.00 to $21.00 and set a “buy” rating for the company in a report on Monday, October 13th. KeyCorp reiterated an “overweight” rating and issued a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Finally, William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Remitly Global presently has an average rating of “Moderate Buy” and an average 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.