Remitly Global, Inc. (NASDAQ:RELY) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been assigned a consensus rating of “Moderate Buy” from the twelve brokerages that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $24.6250.

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $27.00 price target on shares of Remitly Global in a research note on Thursday, May 7th. Oppenheimer set a $20.00 price target on shares of Remitly Global in a research note on Thursday, February 19th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Remitly Global in a research note on Wednesday, May 20th. Zacks Research lowered shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Finally, Citizens Jmp increased their target price on shares of Remitly Global from $22.00 to $26.00 and gave the company a “market outperform” rating in a research note on Thursday, May 7th.

Insider Buying and Selling at Remitly Global

In related news, Director Bora Chung sold 12,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total transaction of $257,040.00. Following the completion of the sale, the director directly owned 125,317 shares of the company’s stock, valued at $2,684,290.14. This represents a 8.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joshua Hug sold 33,600 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $21.03, for a total transaction of $706,608.00. Following the sale, the director directly owned 3,424,244 shares of the company’s stock, valued at approximately $72,011,851.32. This represents a 0.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 12,229,026 shares of company stock valued at $196,514,765. Corporate insiders own 6.53% of the company’s stock.

Institutional Trading of Remitly Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in RELY. Bank of America Corp DE lifted its stake in Remitly Global by 471.7% during the first quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after purchasing an additional 4,252,294 shares during the last quarter. Baillie Gifford & Co. lifted its stake in Remitly Global by 48.2% during the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after purchasing an additional 3,790,210 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after purchasing an additional 2,567,446 shares during the last quarter. Marshall Wace LLP lifted its stake in Remitly Global by 74.4% during the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock valued at $74,966,000 after purchasing an additional 1,962,076 shares during the last quarter. Finally, Azora Capital LP acquired a new stake in Remitly Global during the third quarter valued at approximately $31,213,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Trading Down 4.6%

Shares of NASDAQ:RELY opened at $20.07 on Friday. The company has a 50 day moving average of $19.66 and a 200-day moving average of $16.13. The firm has a market cap of $4.23 billion, a P/E ratio of 40.96 and a beta of 0.37. Remitly Global has a twelve month low of $12.08 and a twelve month high of $24.92.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. The company had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.05 EPS. Equities research analysts forecast that Remitly Global will post 0.67 EPS for the current year.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.