Remitly Global, Inc. (NASDAQ:RELY) Receives $22.75 Consensus PT from Analysts

Remitly Global, Inc. (NASDAQ:RELY) has been given an average recommendation of “Moderate Buy” by the ten ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $22.75.

Several analysts recently commented on the company. BMO Capital Markets raised their price objective on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th. Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $13.00 to $18.00 in a research note on Thursday, October 31st. JPMorgan Chase & Co. increased their target price on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Barclays increased their target price on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Finally, KeyCorp increased their target price on 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, insider Pankaj Sharma sold 4,000 shares of Remitly Global stock in a transaction dated 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 owns 151,576 shares in the company, valued at approximately $3,031,520. This trade represents a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following 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 disclosure for this sale can be found here. Insiders sold 67,429 shares of company stock worth $1,131,011 in the last quarter. Corporate insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Advisors Asset Management Inc. lifted its position in Remitly Global by 409.8% during the first quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,344 shares during the last quarter. Blue Trust Inc. acquired a new stake in Remitly Global during the second quarter worth approximately $43,000. Assetmark Inc. acquired a new stake in Remitly Global during the third quarter worth approximately $76,000. FMR LLC lifted its position in Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 1,970 shares during the last quarter. Finally, nVerses Capital LLC lifted 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 worth $109,000 after acquiring an additional 8,700 shares during the last quarter. Institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Up 0.1 %

RELY stock opened at $20.83 on Monday. The company has a market cap of $4.13 billion, a P/E ratio of -59.51 and a beta of 0.03. Remitly Global has a twelve month low of $11.60 and a twelve month high of $22.09. The business’s fifty day moving average is $16.13 and its 200-day moving average is $14.32.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.07. The business had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The firm’s revenue was up 39.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.20) EPS. Research analysts anticipate that Remitly Global will post -0.23 earnings per share for the current fiscal year.

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.