Hillsdale Investment Management Inc. Buys 80,800 Shares of Remitly Global, Inc. $RELY

Hillsdale Investment Management Inc. raised its stake in shares of Remitly Global, Inc. (NASDAQ:RELY) by 38.1% in the 2nd quarter, HoldingsChannel reports. The firm owned 292,950 shares of the financial services provider’s stock after purchasing an additional 80,800 shares during the period. Hillsdale Investment Management Inc.’s holdings in Remitly Global were worth $5,499,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Townsquare Capital LLC increased its holdings in shares of Remitly Global by 2.5% in the 1st quarter. Townsquare Capital LLC now owns 18,903 shares of the financial services provider’s stock worth $393,000 after buying an additional 459 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in Remitly Global by 40.2% in the second quarter. Caitong International Asset Management Co. Ltd now owns 4,474 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 1,282 shares in the last quarter. Cetera Investment Advisers grew its position in Remitly Global by 12.0% in the second quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 1,286 shares in the last quarter. Elequin Capital LP bought a new position in Remitly Global in the first quarter valued at $30,000. Finally, Strs Ohio raised its position in Remitly Global by 3.2% during the second quarter. Strs Ohio now owns 51,900 shares of the financial services provider’s stock valued at $974,000 after purchasing an additional 1,600 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Performance

Shares of RELY stock opened at $12.49 on Friday. The company has a market capitalization of $2.61 billion, a P/E ratio of 138.78 and a beta of 0.10. Remitly Global, Inc. has a fifty-two week low of $12.08 and a fifty-two week high of $27.32. The stock has a 50 day moving average price of $15.37 and a two-hundred day moving average price of $18.09.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, November 5th. The financial services provider reported $0.04 EPS for the quarter, topping the consensus estimate of $0.02 by $0.02. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. The company had revenue of $419.49 million for the quarter, compared to the consensus estimate of $413.73 million. During the same period in the previous year, the firm earned $0.01 earnings per share. The firm’s revenue for the quarter was up 24.7% on a year-over-year basis. Remitly Global has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. As a group, equities analysts predict 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, Director Joshua Hug sold 40,777 shares of the business’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $18.41, for a total value of $750,704.57. Following the transaction, the director owned 3,654,288 shares in the company, valued at approximately $67,275,442.08. The trade was a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $15.59, for a total transaction of $227,348.97. Following the sale, the chief executive officer owned 4,515,188 shares of the company’s stock, valued at approximately $70,391,780.92. This represents a 0.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 71,943 shares of company stock worth $1,246,238 in the last 90 days. Corporate insiders own 7.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RELY. JMP Securities cut their price objective on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating for the company in a report on Monday, September 15th. William Blair restated an “outperform” rating on shares of Remitly Global in a research report on Friday, October 10th. JPMorgan Chase & Co. reduced their price target on shares of Remitly Global from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $25.88.

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.