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

Remitly Global, Inc. (NASDAQ:RELY) has been assigned an average rating of “Moderate Buy” from the nine ratings firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $23.75.

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

Insider Activity

In related news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $25.21, for a total value 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. The trade was a 0.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joshua Hug sold 22,198 shares of the company’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 transaction, the insider now directly owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,059 shares of company stock valued at $1,489,808 in the last three months. 8.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in RELY. Norges Bank purchased a new position in Remitly Global during the fourth quarter valued at $66,169,000. Principal Financial Group Inc. raised 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 purchasing an additional 2,001,198 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Remitly Global by 1,032.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider’s stock valued at $31,614,000 after buying an additional 1,276,991 shares in the last quarter. Marshall Wace LLP boosted its holdings in Remitly Global by 146.4% in the 4th quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider’s stock worth $35,456,000 after buying an additional 933,253 shares during the last quarter. Finally, Lord Abbett & CO. LLC purchased a new stake in Remitly Global during the 4th quarter worth approximately $19,312,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Trading Up 3.6 %

NASDAQ:RELY opened at $27.14 on Friday. Remitly Global has a twelve month low of $11.60 and a twelve month high of $27.24. The company has a market cap of $5.38 billion, a PE ratio of -77.54 and a beta of 0.07. The company’s 50 day moving average is $23.17 and its two-hundred day moving average is $18.24.

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.