Here’s Why Pernas Research is Bullish on Remitly Global (RELY)
Pernas Research, an investment management firm, released its third quarter 2023 investor letter, a copy of which can be seen here. In the third quarter of 2023, Pernas Research delivered a year-to-date return of 34.9%, surpassing the performances of both the S&P 500 (13%) and the Russell 2000 Index (2.6%) during the same period. Take a moment to review the fund's top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Pernas Research mentioned Remitly Global, Inc. (NASDAQ:RELY) and explained its insights for the company. Remitly Global, Inc. (NASDAQ:RELY) is a Seattle, Washington-based financial services company with a $3.9 billion market capitalization. Remitly Global, Inc. (NASDAQ:RELY) delivered a 76.42% return since the beginning of the year, while its 12-month returns are up by 101.80%. The stock closed at $20.20 per share on December 08, 2023.
Here is what Pernas Research has to say about Remitly Global, Inc. (NASDAQ:RELY) in its Q3 2023 investor letter:
"Remitly is poised to dominate the global cross-border digital remittance market for two reasons. First, their superior digital platform is taking market share from traditional players. Second, the worldwide shift from cash to digital remittances favors them. Despite having limited current cash flows, they are poised to leverage economies of scale in digital remittances as volumes grow, reducing variable costs and spreading fixed costs across a larger customer base. Their advanced digital solutions, infrastructure, and fraud detection will assist in doubling their market share in three to five years."
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Our calculations show that Remitly Global, Inc. (NASDAQ:RELY) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. Remitly Global, Inc. (NASDAQ:RELY) was in 23 hedge fund portfolios at the end of the second quarter of 2023, compared to 22 funds in the previous quarter. Remitly Global, Inc. (NASDAQ:RELY) delivered a -20.72% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
