Freestone Grove Partners LP Invests $10.58 Million in Remitly Global, Inc. $RELY

Freestone Grove Partners LP purchased a new position in shares of Remitly Global, Inc. (NASDAQ:RELY) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 471,995 shares of the financial services provider’s stock, valued at approximately $10,577,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Torren Management LLC purchased a new stake in shares of Remitly Global in the fourth quarter worth about $25,000. Summit Securities Group LLC purchased a new position in Remitly Global during the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. purchased a new position in Remitly Global during the fourth quarter valued at approximately $28,000. HighMark Wealth Management LLC acquired a new position in Remitly Global in the fourth quarter valued at approximately $35,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Remitly Global by 140.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,642 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 1,545 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RELY shares. Wolfe Research increased their price target on shares of Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a report on Tuesday. Zacks Research upgraded shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Cantor Fitzgerald upped their price objective on shares of Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. Monness Crespi & Hardt reissued a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Finally, Citizens Jmp lifted their price target on Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $27.78.

Remitly Global Price Performance

Shares of NASDAQ RELY opened at $25.99 on Friday. The company has a market capitalization of $5.50 billion, a P/E ratio of 18.70 and a beta of 0.34. The company has a 50 day simple moving average of $23.88 and a 200-day simple moving average of $20.29. Remitly Global, Inc. has a 1 year low of $12.08 and a 1 year high of $27.15.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. The firm had revenue of $495.16 million for the quarter, compared to analysts’ expectations of $486.25 million. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.03 earnings per share. As a group, research analysts expect that Remitly Global, Inc. will post 0.85 EPS for the current year.

Insiders Place Their Bets

In other Remitly Global news, Director Joshua Hug sold 33,600 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $21.03, for a total value of $706,608.00. Following the transaction, the director owned 3,424,244 shares of the company’s stock, valued at $72,011,851.32. This represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Phillip John Riese sold 160,182 shares of Remitly Global stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $24.94, for a total transaction of $3,994,939.08. Following the sale, the director owned 361,094 shares of the company’s stock, valued at approximately $9,005,684.36. This represents a 30.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 515,371 shares of company stock valued at $12,480,565. 6.53% of the stock is owned by company insiders.

Remitly Global Company Profile

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.