Remitly Global, Inc. (NASDAQ:RELY) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been assigned an average rating of “Moderate Buy” from the nine brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $28.13.

A number of brokerages have recently issued reports on RELY. BMO Capital Markets increased their target price on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. The Goldman Sachs Group boosted their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. raised their price target on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Finally, Barclays lifted their price objective on Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, February 24th.

Insider Transactions at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the sale, the chief executive officer now directly owns 4,417,011 shares of the company’s stock, valued at $92,138,849.46. This trade represents a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 43,749 shares of company stock worth $1,009,289 in the last ninety days. Insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds have recently modified their holdings of RELY. Global Retirement Partners LLC purchased a new position in Remitly Global during the fourth quarter worth about $28,000. R Squared Ltd purchased a new stake in shares of Remitly Global during the 4th quarter valued at approximately $89,000. Advisors Asset Management Inc. lifted its holdings in Remitly Global by 58.7% in the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 1,466 shares during the last quarter. Assetmark Inc. purchased a new position in Remitly Global in the third quarter worth approximately $76,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Remitly Global during the fourth quarter worth $135,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Performance

RELY opened at $23.00 on Wednesday. The company has a fifty day moving average of $23.88 and a two-hundred day moving average of $19.18. The stock has a market capitalization of $4.61 billion, a price-to-earnings ratio of -121.05 and a beta of 0.07. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week 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 for the quarter, beating the consensus estimate of ($0.07) by $0.04. The firm had revenue of $351.90 million during the quarter, compared to analyst estimates of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. On average, equities research analysts forecast that Remitly Global will post -0.04 earnings per share for the current year.

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.