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

Remitly Global, Inc. (NASDAQ:RELY) has been assigned an average rating of “Moderate Buy” from the nine brokerages that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $28.13.

Several equities research analysts have issued reports on RELY shares. JPMorgan Chase & Co. lifted their price target on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. BMO Capital Markets lifted their price objective on Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Wells Fargo & Company increased their target price on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. The Goldman Sachs Group raised their price target on Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Finally, Barclays increased their price objective on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, February 24th.

Remitly Global Stock Down 1.2 %

Shares of RELY opened at $20.93 on Friday. Remitly Global has a twelve month low of $11.60 and a twelve month high of $27.32. The stock has a market cap of $4.20 billion, a PE ratio of -110.16 and a beta of 0.07. The business’s 50-day moving average price is $23.07 and its 200-day moving average price is $20.06.

Remitly Global (NASDAQ:RELY) last posted its 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. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The business had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. Analysts expect that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Activity at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.31, for a total transaction of $281,597.73. Following the transaction, the chief executive officer now owns 4,329,513 shares in the company, valued at approximately $83,602,896.03. This represents a 0.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ankur Sinha sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the transaction, the insider now owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,749 shares of company stock worth $1,081,736 over the last quarter. 8.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Comerica Bank boosted its holdings in shares of Remitly Global by 2.1% during the 4th quarter. Comerica Bank now owns 25,583 shares of the financial services provider’s stock valued at $577,000 after buying an additional 534 shares in the last quarter. XTX Topco Ltd grew its holdings in Remitly Global by 4.0% in the third quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock worth $194,000 after purchasing an additional 563 shares during the period. Claro Advisors LLC grew its holdings in Remitly Global by 5.2% in 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. Sei Investments Co. increased its stake in shares of Remitly Global by 4.8% during the fourth quarter. Sei Investments Co. now owns 13,865 shares of the financial services provider’s stock valued at $313,000 after purchasing an additional 636 shares in the last quarter. Finally, Values First Advisors Inc. boosted its position in shares of Remitly Global by 4.4% in the 4th quarter. Values First Advisors Inc. now owns 15,441 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 653 shares in the last quarter. 74.25% of the stock is owned by hedge funds and other 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.