Azora Capital LP Has $39.74 Million Position in Remitly Global, Inc. $RELY

Azora Capital LP increased its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 50.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,879,568 shares of the financial services provider’s stock after acquiring an additional 964,656 shares during the quarter. Remitly Global comprises 2.5% of Azora Capital LP’s portfolio, making the stock its 16th biggest holding. Azora Capital LP’s holdings in Remitly Global were worth $39,738,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Steinberg Asset Management LLC acquired a new position in shares of Remitly Global during the 4th quarter worth approximately $1,540,000. AQR Capital Management LLC increased its holdings in shares of Remitly Global by 248.3% during the 4th quarter. AQR Capital Management LLC now owns 813,854 shares of the financial services provider’s stock worth $11,231,000 after acquiring an additional 580,171 shares during the last quarter. Laird Norton Wetherby Trust Company LLC increased its holdings in shares of Remitly Global by 14.6% during the 4th quarter. Laird Norton Wetherby Trust Company LLC now owns 31,968 shares of the financial services provider’s stock worth $441,000 after acquiring an additional 4,067 shares during the last quarter. Trexquant Investment LP lifted its position in Remitly Global by 4.8% during the fourth quarter. Trexquant Investment LP now owns 1,591,454 shares of the financial services provider’s stock worth $21,962,000 after acquiring an additional 73,436 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its position in Remitly Global by 7.4% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,400,000 shares of the financial services provider’s stock worth $33,120,000 after acquiring an additional 165,000 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on RELY shares. KeyCorp raised their price objective on shares of Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Cantor Fitzgerald lifted their price target on Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Wall Street Zen downgraded Remitly Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 28th. Citigroup reiterated a “market outperform” rating on shares of Remitly Global in a research report on Thursday, June 4th. Finally, Weiss Ratings upgraded Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.63.

Remitly Global Price Performance

Shares of NASDAQ:RELY opened at $20.43 on Thursday. The company’s 50 day simple moving average is $20.49 and its 200 day simple moving average is $16.69. The stock has a market capitalization of $4.30 billion, a price-to-earnings ratio of 41.69 and a beta of 0.37. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $24.92.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.11. The business had revenue of $452.80 million for the quarter, compared to analysts’ expectations of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The firm’s quarterly revenue was up 25.2% compared to the same quarter last year. During the same period last year, the firm posted $0.05 earnings per share. As a group, analysts anticipate that Remitly Global, Inc. will post 0.62 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Bora Chung sold 12,000 shares of Remitly Global stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total value of $257,040.00. Following the transaction, the director directly owned 125,317 shares of the company’s stock, valued at $2,684,290.14. This trade represents a 8.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Pankaj Sharma sold 16,000 shares of Remitly Global stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total transaction of $320,160.00. Following the completion of the transaction, the insider directly owned 767,810 shares in the company, valued at $15,363,878.10. This trade represents a 2.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 243,818 shares of company stock valued at $5,093,447 over the last three months. 6.53% of the stock is owned by corporate insiders.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.