Remitly Global, Inc. (NASDAQ:RELY) Receives $22.75 Average Price Target from Analysts

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been assigned a consensus rating of “Moderate Buy” from the nine research firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold rating and eight have assigned 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 $22.75.

A number of brokerages have weighed in on RELY. Barclays increased their target price on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. KeyCorp raised their price objective 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. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $13.00 to $18.00 in a report on Thursday, October 31st. JMP Securities increased their target price on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. Finally, BMO Capital Markets lifted their price target on Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th.

Remitly Global Stock Up 0.9 %

Shares of RELY stock opened at $22.64 on Friday. The firm has a market cap of $4.48 billion, a P/E ratio of -64.69 and a beta of 0.10. The company has a 50 day moving average of $19.09 and a 200-day moving average of $15.33. Remitly Global has a 12-month low of $11.60 and a 12-month high of $22.93.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The firm had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. During the same period in the previous year, the company posted ($0.20) earnings per share. The business’s revenue was up 39.3% on a year-over-year basis. As a group, equities analysts expect that Remitly Global will post -0.23 EPS for the current year.

Insider Activity at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the completion of the transaction, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at $64,595,956.86. The trade was a 0.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the completion of the transaction, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. The trade was a 2.57 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 82,012 shares of company stock valued at $1,435,212. Company insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Several hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. purchased a new position in shares of Remitly Global during the 2nd quarter valued at about $43,000. Advisors Asset Management Inc. boosted its stake in shares of Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 1,466 shares in the last quarter. Assetmark Inc. bought a new position in shares of Remitly Global during the 3rd quarter valued at $76,000. FMR LLC lifted its stake in Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,970 shares during the last quarter. Finally, nVerses Capital LLC boosted its position in Remitly Global by 2,900.0% during the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock valued at $109,000 after buying an additional 8,700 shares during the period. 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.