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

Remitly Global, Inc. (NASDAQ:RELY) has been given a consensus recommendation of “Moderate Buy” by the nine analysts that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $23.13.

A number of research analysts have recently commented on RELY shares. JMP Securities boosted their price target on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Thursday, October 31st. KeyCorp boosted their target price on Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Barclays raised their price target on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Finally, Wells Fargo & Company boosted their price objective on Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th.

Insider Buying and Selling

In other news, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the sale, the chief executive officer now owns 4,417,011 shares of the company’s stock, valued at $92,138,849.46. This represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 41,893 shares of company stock worth $864,720 in the last quarter. 8.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. XTX Topco Ltd boosted its position in Remitly Global by 4.0% during the 3rd quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock valued at $194,000 after buying an additional 563 shares during the period. Claro Advisors LLC boosted its holdings in shares of Remitly Global by 5.2% during the fourth quarter. Claro Advisors LLC now owns 12,700 shares of the financial services provider’s stock worth $287,000 after purchasing an additional 629 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Remitly Global by 1.4% in the third quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider’s stock worth $1,159,000 after purchasing an additional 1,170 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Remitly Global by 7.1% in the second quarter. Principal Financial Group Inc. now owns 19,593 shares of the financial services provider’s stock worth $237,000 after purchasing an additional 1,296 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings in Remitly Global by 3.7% during the 2nd quarter. Arizona State Retirement System now owns 39,579 shares of the financial services provider’s stock valued at $480,000 after purchasing an additional 1,415 shares during the period. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Up 0.6 %

Shares of NASDAQ RELY opened at $23.26 on Tuesday. The company has a market cap of $4.61 billion, a P/E ratio of -66.46 and a beta of 0.07. Remitly Global has a 52 week low of $11.60 and a 52 week high of $23.51. The business has a 50-day simple moving average of $21.67 and a two-hundred day simple moving average of $16.82.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The company had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. Remitly Global’s revenue was up 39.3% compared to the same quarter last year. During the same period last year, the business earned ($0.20) earnings per share. Equities research analysts anticipate that Remitly Global will post -0.23 EPS for the current year.

About Remitly Global

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.