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

Remitly Global, Inc. (NASDAQ:RELY) has earned an average rating of “Moderate Buy” from the nine analysts that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $23.75.

Several equities research analysts have commented on RELY shares. JMP Securities boosted their target price on Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. Wells Fargo & Company boosted their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Barclays raised their target price on shares of Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Finally, KeyCorp boosted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $25.40 on Friday. The company has a market capitalization of $5.03 billion, a P/E ratio of -72.57 and a beta of 0.07. The business has a 50-day moving average of $22.57 and a two-hundred day moving average of $17.73. Remitly Global has a 1 year low of $11.60 and a 1 year high of $25.74.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now directly owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This trade represents a 0.57 % decrease in their position. The sale 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 business’s 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 completion of the transaction, the chief executive officer now directly owns 4,417,011 shares in the company, 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 67,059 shares of company stock worth $1,489,808 over the last ninety days. 8.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Remitly Global

Hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its position in shares of Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after buying an additional 2,001,198 shares during the period. ArrowMark Colorado Holdings LLC grew its holdings in Remitly Global by 13.8% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock worth $47,578,000 after purchasing an additional 431,987 shares during the period. Lisanti Capital Growth LLC bought a new stake in Remitly Global in the fourth quarter valued at $6,324,000. Barclays PLC increased its stake in Remitly Global by 19.2% in the third quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock valued at $18,858,000 after purchasing an additional 227,231 shares in the last quarter. Finally, Portolan Capital Management LLC raised its holdings in shares of Remitly Global by 96.3% during the third quarter. Portolan Capital Management LLC now owns 353,054 shares of the financial services provider’s stock valued at $4,727,000 after purchasing an additional 173,162 shares during the period. 74.25% of the stock is currently owned by institutional investors.

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.