8 Stocks Jeff Bezos is Buying

6. Remitly Global Inc. (NASDAQ:RELY)

Number of Hedge Fund Holders: 29

Remitly Global Inc. (NASDAQ:RELY) is a top provider of cross-border digital financial services, specializing in online remittance solutions. The company facilitates quick and easy international money transfers to over 170 countries.

In Q2 2024, Remitly Global Inc. (NASDAQ:RELY) delivered strong results, exceeding expectations with a 36% year-over-year growth in active accounts and a 38% increase in send volume. This performance led to revenue and adjusted EBITDA figures surpassing analyst estimates, prompting the company to raise its full-year 2024 guidance. Management is confident in achieving 30-32% revenue growth for the fiscal year, driven by both new customer acquisition and higher engagement from existing users. Analysts also expect a long-term revenue compound annual growth rate of 20-25% over the next five years, reflecting continued growth potential.

As of June 30, 29 hedge funds held positions in Remitly Global Inc. (NASDAQ:RELY), with a total of 9.7 million shares. The largest stake, valued at $117.3 million, is held by Cadian Capital.

Meridian Growth Fund stated the following regarding Remitly Global, Inc. (NASDAQ:RELY) in its Q2 2024 investor letter:

“Remitly Global, Inc. (NASDAQ:RELY) is a digitally native money transfer company that is taking share in the remittance market from established competitors such as Western Union and MoneyGram. The stock underperformed during the period on slightly lower than expected net new customers, though the company beat top-line EBIDTA estimates and reaffirmed positive guidance for the year. We are not concerned about the softness in net new customers in the historically slow post-holiday period and continue to have confidence in the business model and management team. As such, we maintained our position during the quarter.”