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

Remitly Global, Inc. (NASDAQ:RELY) has been assigned a consensus rating of “Moderate Buy” from the nine ratings firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $22.75.

Several brokerages have issued reports on RELY. JMP Securities upped their price target 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. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $13.00 to $18.00 in a report on Thursday, October 31st. BMO Capital Markets boosted their price target on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. KeyCorp increased their price objective on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, Barclays upped their target price on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th.

Insider Buying and Selling at Remitly Global

In other news, 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 completion of the sale, the insider now directly owns 151,576 shares of the company’s stock, valued at $3,031,520. The trade was a 2.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’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 sale, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. The trade was a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 82,012 shares of company stock worth $1,435,212 in the last 90 days. 8.10% of the stock is owned by company insiders.

Institutional Trading of Remitly Global

A number of institutional investors have recently modified their holdings of the company. Millennium Management LLC grew its stake in Remitly Global by 108.0% during the second quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock worth $48,333,000 after buying an additional 2,071,026 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Remitly Global by 4.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock valued at $48,980,000 after acquiring an additional 169,454 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its position in Remitly Global by 13.8% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock worth $47,578,000 after purchasing an additional 431,987 shares during the period. Geode Capital Management LLC increased its holdings in Remitly Global by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock valued at $46,601,000 after purchasing an additional 107,468 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Remitly Global by 25.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock worth $25,843,000 after purchasing an additional 435,827 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Price Performance

NASDAQ RELY opened at $22.58 on Tuesday. The business has a 50 day moving average price of $21.32 and a 200 day moving average price of $16.44. The company has a market capitalization of $4.47 billion, a P/E ratio of -64.51 and a beta of 0.07. Remitly Global has a 1-year low of $11.60 and a 1-year high of $23.51.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share 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 business had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter last year, the business posted ($0.20) earnings per share. The business’s revenue for the quarter was up 39.3% on a year-over-year basis. On average, research analysts expect that Remitly Global will post -0.23 earnings per share 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.