Remitly Global, Inc. (NASDAQ:RELY) Given Average Rating of “Moderate Buy” by Brokerages

Remitly Global, Inc. (NASDAQ:RELY) has been given a consensus rating of “Moderate Buy” by the nine research firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $27.25.

Several research firms have recently weighed in on RELY. Barclays lifted their price objective on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, February 24th. The Goldman Sachs Group lowered their price objective on shares of Remitly Global from $33.00 to $26.00 and set a “buy” rating for the company in a research report on Wednesday. William Blair restated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 20th. JPMorgan Chase & Co. upped their target price on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Finally, Wells Fargo & Company lifted their price target on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th.

Remitly Global Trading Down 7.3 %

Shares of RELY opened at $18.66 on Friday. The stock has a market cap of $3.74 billion, a PE ratio of -98.21 and a beta of 0.15. The stock has a 50 day simple moving average of $22.79 and a 200-day simple moving average of $20.28. Remitly Global has a 1 year low of $11.60 and a 1 year high of $27.32.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.04. The business had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. On average, sell-side analysts forecast that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.31, for a total transaction of $281,597.73. Following the transaction, the chief executive officer now directly owns 4,329,513 shares in the company, valued at $83,602,896.03. The trade was a 0.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ankur Sinha sold 5,000 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total transaction of $95,050.00. Following the completion of the sale, the insider now directly owns 397,805 shares in the company, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 48,749 shares of company stock worth $1,081,736 in the last three months. Insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently bought and sold shares of RELY. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Remitly Global during the 4th quarter worth approximately $15,120,000. Mackenzie Financial Corp bought a new position in Remitly Global during the fourth quarter worth $211,000. Neo Ivy Capital Management boosted its position in Remitly Global by 101.2% during the fourth quarter. Neo Ivy Capital Management now owns 94,284 shares of the financial services provider’s stock worth $2,127,000 after purchasing an additional 47,430 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Remitly Global by 30.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 314,714 shares of the financial services provider’s stock valued at $7,103,000 after purchasing an additional 72,687 shares during the period. Finally, Washington Harbour Partners LP acquired a new stake in shares of Remitly Global during the 4th quarter worth about $2,009,000. 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.