Remitly Global’s (RELY) “Outperform” Rating Reiterated at William Blair

William Blair reaffirmed their outperform rating on shares of Remitly Global (NASDAQ:RELY) in a research note issued to investors on Thursday,RTT News reports.

A number of other equities analysts also recently commented on RELY. Barclays raised their price objective on Remitly Global from $23.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. KeyCorp raised their price objective on 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 increased their target price on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday. BMO Capital Markets increased their target price on Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, JMP Securities increased 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. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $28.00.

Remitly Global Trading Down 7.5 %

NASDAQ RELY opened at $23.86 on Thursday. The business’s 50-day moving average price is $23.64 and its 200 day moving average price is $18.71. Remitly Global has a twelve month low of $11.60 and a twelve month high of $27.32. The company has a market capitalization of $4.79 billion, a PE ratio of -125.58 and a beta of 0.07.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The company had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. Equities analysts predict that Remitly Global will post -0.04 EPS for the current year.

Insider Buying and Selling at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Tuesday, December 10th. The stock was 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 owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. This trade represents a 0.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction that occurred on 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 owns 3,873,811 shares of the company’s stock, valued at approximately $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 65,947 shares of company stock worth $1,467,012 in the last 90 days. 8.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Remitly Global by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 14,651,053 shares of the financial services provider’s stock worth $330,674,000 after purchasing an additional 380,159 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of Remitly Global by 1.6% in the 4th quarter. Baillie Gifford & Co. now owns 9,385,334 shares of the financial services provider’s stock worth $211,827,000 after purchasing an additional 150,602 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in shares of Remitly Global by 34.4% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock worth $107,751,000 after purchasing an additional 1,220,806 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Remitly Global by 4.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock worth $48,980,000 after purchasing an additional 169,454 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Remitly Global by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 3,528,947 shares of the financial services provider’s stock worth $79,666,000 after purchasing an additional 49,281 shares during the last quarter. Institutional investors and hedge funds 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.