Remitly Global, Inc. (NASDAQ:RELY) Receives Average Rating of “Moderate Buy” from Brokerages

Remitly Global, Inc. (NASDAQ:RELY) has been assigned an average recommendation of “Moderate Buy” from the nine ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $23.13.

A number of analysts recently weighed in on RELY shares. JMP Securities upped their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. KeyCorp increased their target price on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Wells Fargo & Company boosted their price target on Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Barclays increased their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 18th.

Insider Transactions at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the transaction, the insider now directly owns 3,873,811 shares in the company, valued at $79,877,982.82. This represents a 0.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Pankaj Sharma sold 4,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the transaction, the insider now directly owns 151,576 shares of the company’s stock, valued at approximately $3,031,520. This trade represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,893 shares of company stock valued at $864,720. Insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Large investors have recently modified their holdings of the company. Advisors Asset Management Inc. grew its holdings in 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 worth $53,000 after buying an additional 1,466 shares in the last quarter. Assetmark Inc. bought 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% 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 period. Green Alpha Advisors LLC bought a new position in Remitly Global during the 3rd quarter valued at $144,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Remitly Global during the 3rd quarter valued at $151,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Stock Up 0.6 %

Shares of NASDAQ RELY opened at $23.26 on Tuesday. The stock has a market capitalization of $4.61 billion, a PE ratio of -66.46 and a beta of 0.07. The firm has a fifty day moving average of $21.60 and a 200-day moving average of $16.71. Remitly Global has a 52-week low of $11.60 and a 52-week high of $23.51.

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

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.