Wilmington Savings Fund Society FSB Invests in Remitly Global, Inc. (NASDAQ:RELY)

On February 13th, 2025, it was reported that Wilmington Savings Fund Society FSB made a significant investment in Remitly Global, Inc. (NASDAQ: RELY). This investment was disclosed in the latest 13F filing with the Securities and Exchange Commission. The institution has purchased 6,000 shares of Remitly Global, valuing the transaction at approximately $135,000.

In addition to Wilmington Savings, other institutional investors and hedge funds have also been active with their holdings in Remitly Global. Principal Financial Group Inc. saw a staggering increase in its stake by over 10,213.8% during the third quarter, now owning 2,020,791 shares valued at about $27,058,000 after acquiring 2,001,198 shares. M&T Bank Corp has also entered the fray by acquiring a new stake valued at roughly $693,000 during the third quarter. Meanwhile, DHK Financial Advisors Inc. picked up a new position worth around $273,000 in the fourth quarter, and Robeco Institutional Asset Management B.V. increased its stake by 8.8%, owning 606,500 shares valued at $13,689,000 after an additional 49,200 shares were purchased. Lastly, Neo Ivy Capital Management has also established a new stake worth close to $628,000. It’s important to note that institutional investors and hedge funds currently hold 74.25% of Remitly Global’s shares.

Remitly Global Price Analysis

As of the latest trading session, shares of Remitly Global opened at $25.05. The stock has displayed a fifty-two week low of $11.60 and a high of $25.78. Its 50-day moving average is reported at $22.94, while the two-hundred-day moving average stands at $18.09. Currently, Remitly Global holds a market capitalization of $4.96 billion, with a PE ratio of -71.57 and a beta of 0.07.

Analysts' Outlook

Several analysts have provided insights on Remitly Global shares. Barclays has upped their target price from $23.00 to $28.00 while assigning an “overweight” rating on February 3rd. KeyCorp also revised their target from $20.00 to $21.00 and marked the stock as “overweight” on October 31st. Furthermore, Wells Fargo raised its target from $18.00 to $21.00, assigning an “equal weight” rating. JMP Securities has also revised their target from $22.00 to $25.00, giving it a “market outperform” rating. Currently, one investment analyst holds a “hold” rating on the stock, while eight analysts recommend a “buy” rating. MarketBeat.com reports an average rating of “Moderate Buy” and a consensus target price of $23.75 for the stock.

Insider Transactions

Insider activity has also been notable with Joshua Hug selling 22,198 shares on November 26th at an average price of $20.62, totaling $457,722.76. After this transaction, Hug owns approximately 3,873,811 shares valued at about $79,877,982.82, reflecting a 0.57% decrease in shareholding. In another transaction, CEO Matthew B. Oppenheimer sold 14,583 shares on February 5th at an average price of $25.21, amounting to $367,637.43. Post-transaction, he holds 4,358,679 shares valued at $109,882,297.59, which indicates a 0.33% decrease in shares owned. Collectively, insiders have sold 67,059 shares worth approximately $1,489,808 in the last ninety days, and insiders own about 8.10% of the company’s stock.

About Remitly Global, Inc.

Remitly Global, Inc. specializes in providing digital financial services targeted at immigrants and their families. The company mainly offers cross-border remittance services across roughly 170 countries. It was founded in 2011 and is based in Seattle, Washington.

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