Remitly Global, Inc. (NASDAQ:RELY) Receives $21.57 Average Price Target from Analysts

Remitly Global, Inc. (NASDAQ:RELY) has been given an average recommendation of “Moderate Buy” by the ten analysts that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $22.38.

RELY has been the subject of several research analyst reports. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $13.00 to $18.00 in a research report on Thursday, October 31st. JMP Securities lifted 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. JPMorgan Chase & Co. raised their target price on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Barclays lifted their price target on shares of Remitly Global from $16.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday. Finally, The Goldman Sachs Group dropped their price objective on Remitly Global from $23.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th.

Remitly Global Trading Up 1.9 %

Shares of NASDAQ:RELY opened at $19.73 on Thursday. Remitly Global has a 12 month low of $11.60 and a 12 month high of $23.01. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of -56.37 and a beta of 0.03. The firm’s 50-day moving average is $14.38 and its 200 day moving average is $14.00.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $320.71 million. During the same quarter in the prior year, the firm posted ($0.20) earnings per share. The company’s quarterly revenue was up 39.3% on a year-over-year basis. As a group, equities analysts forecast that Remitly Global will post -0.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction on Thursday, October 17th. The stock was 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 directly owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 8.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Remitly Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its holdings in shares of Remitly Global by 108.0% in the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after buying an additional 2,071,026 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Remitly Global by 74.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,488,470 shares of the financial services provider’s stock valued at $42,280,000 after acquiring an additional 1,487,680 shares during the last quarter. Lord Abbett & CO. LLC lifted its position in Remitly Global by 27.3% during the first quarter. Lord Abbett & CO. LLC now owns 2,470,323 shares of the financial services provider’s stock valued at $51,234,000 after acquiring an additional 530,485 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Remitly Global by 25.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock valued at $25,843,000 after acquiring an additional 435,827 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Remitly Global by 10,213.8% in the third 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. Hedge funds and other institutional investors own 74.25% of the company’s stock.

About Remitly Global

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.