Analysts Set Remitly Global, Inc. (NASDAQ:RELY) Target Price at $22.78

Remitly Global, Inc. (NASDAQ:RELY) has earned a consensus rating of “Buy” from the thirteen brokerages that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, ten have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $22.7778.

Several equities research analysts recently commented on RELY shares. JPMorgan Chase & Co. dropped their price objective on Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 20th. Citizens Jmp increased their price objective on Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report on Thursday, February 19th. Wall Street Zen cut Remitly Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 28th. Oppenheimer set a $20.00 price objective on Remitly Global in a research report on Thursday, February 19th. Finally, Cantor Fitzgerald increased their price objective on Remitly Global from $17.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, February 19th.

Remitly Global Price Performance

Shares of RELY stock opened at $18.86 on Thursday. The stock has a market cap of $3.97 billion, a price-to-earnings ratio of 60.84, a PEG ratio of 0.64 and a beta of 0.09. The business’s fifty day moving average is $15.77 and its 200 day moving average is $14.81. Remitly Global has a twelve month low of $12.08 and a twelve month high of $24.70. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, February 18th. The financial services provider reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The firm had revenue of $442.18 million for the quarter, compared to analysts’ expectations of $427.27 million. During the same period in the prior year, the firm posted ($0.03) earnings per share. The company’s quarterly revenue was up 25.7% on a year-over-year basis. Research analysts expect that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Ltd Naspers sold 12,000,000 shares of the firm’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $15.98, for a total value of $191,760,000.00. Following the transaction, the insider owned 13,441,745 shares of the company’s stock, valued at $214,799,085.10. This trade represents a 47.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Pankaj Sharma sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $15.26, for a total value of $152,600.00. Following the completion of the transaction, the insider directly owned 665,878 shares in the company, valued at $10,161,298.28. This trade represents a 1.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 12,096,720 shares of company stock valued at $193,409,294 in the last 90 days. Insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RELY. LB Partners LLC raised its stake in Remitly Global by 60.4% during the 3rd quarter. LB Partners LLC now owns 1,015,584 shares of the financial services provider’s stock valued at $16,554,000 after purchasing an additional 382,314 shares during the period. Renaissance Group LLC raised its stake in Remitly Global by 52.0% during the 3rd quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider’s stock valued at $8,069,000 after purchasing an additional 169,271 shares during the period. JPMorgan Chase & Co. raised its stake in Remitly Global by 5.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,138,754 shares of the financial services provider’s stock valued at $34,862,000 after purchasing an additional 104,716 shares during the period. Capelight Capital Asset Management LP bought a new stake in Remitly Global during the 4th quarter valued at approximately $1,380,000. Finally, G2 Investment Partners Management LLC raised its stake in Remitly Global by 218.0% during the 2nd quarter. G2 Investment Partners Management LLC now owns 270,317 shares of the financial services provider’s stock valued at $5,074,000 after purchasing an additional 185,317 shares during the period. Institutional investors own 74.25% of the company’s stock.

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.