Remitly Global (NASDAQ:RELY) Earns “Outperform” Rating from William Blair

Remitly Global (NASDAQ:RELY)‘s stock had its “outperform” rating reiterated by William Blair in a note issued to investors on Thursday,RTT News reports.

RELY has been the topic of a number of other reports. Barclays boosted their target price on shares of Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. JMP Securities boosted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. BMO Capital Markets boosted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday. Wells Fargo & Company boosted their target price on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, KeyCorp boosted their target price on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $25.25.

Remitly Global Stock Performance

Shares of Remitly Global stock traded up $0.68 during midday trading on Thursday, hitting $26.59. 2,302,482 shares of the company traded hands, compared to its average volume of 1,659,529. The stock has a market cap of $5.27 billion, a price-to-earnings ratio of -75.90 and a beta of 0.07. The firm’s fifty day moving average price is $23.49 and its 200-day moving average price is $18.55. Remitly Global has a 12 month low of $11.60 and a 12 month high of $27.32.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.04. The company had revenue of $351.90 million for the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. Equities research analysts forecast that Remitly Global will post -0.23 earnings per share for the current year.

Insider Buying and Selling at Remitly Global

In other news, insider Joshua Hug sold 22,198 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the transaction, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the transaction, the chief executive officer now owns 4,358,679 shares in the company, valued at $109,882,297.59. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,947 shares of company stock worth $1,467,012 over the last ninety days. Insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Remitly Global by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider’s stock valued at $330,674,000 after acquiring an additional 380,159 shares in the last quarter. Baillie Gifford & Co. lifted its position in Remitly Global by 1.6% during the fourth quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock valued at $211,827,000 after buying an additional 150,602 shares during the period. ArrowMark Colorado Holdings LLC lifted its position in Remitly Global by 34.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock valued at $107,751,000 after buying an additional 1,220,806 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Remitly Global by 4.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock valued at $48,980,000 after buying an additional 169,454 shares during the period. Finally, Geode Capital Management LLC lifted its position in Remitly Global by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock valued at $79,666,000 after buying an additional 49,281 shares during the period. Institutional investors own 74.25% of the company’s stock.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.