Remitly Global, Inc. (NASDAQ:RELY) Stock Has Average Price Target of $27.78

Remitly Global, Inc. (NASDAQ:RELY) has earned a consensus recommendation of “Buy” from the twelve ratings firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong 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 $27.78.

Several equities research analysts have weighed in on the company. Wolfe Research upped their target price on Remitly Global from $31.00 to $32.00 and gave the stock an “outperform” rating in a report on Tuesday, August 25th. Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. Cantor Fitzgerald lifted their price objective on Remitly Global from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, August 10th. Weiss Ratings upgraded Remitly Global from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, October 16th. Finally, KeyCorp upped their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th.

Remitly Global Price Performance

Remitly Global stock opened at $24.27 on Monday. The stock has a market cap of $5.14 billion, a price-to-earnings ratio of 17.46 and a beta of 0.39. Remitly Global has a 1 year low of $12.08 and a 1 year high of $27.48. The firm has a 50-day moving average of $23.80 and a two-hundred day moving average of $20.33.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.81. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm had revenue of $495.16 million during the quarter, compared to the consensus estimate of $486.25 million. During the same quarter in the previous year, the firm posted $0.03 earnings per share. The company’s revenue was up 20.2% on a year-over-year basis. Research analysts expect that Remitly Global will post 0.85 earnings per share for the current year.

Insider Buying and Selling

In other Remitly Global news, CFO Vikas Mehta sold 25,000 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $26.15, for a total transaction of $653,750.00. Following the completion of the sale, the chief financial officer directly owned 943,735 shares of the company’s stock, valued at approximately $24,678,670.25. This represents a 2.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Phillip Riese sold 160,182 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $24.94, for a total transaction of $3,994,939.08. Following the completion of the sale, the director owned 361,094 shares of the company’s stock, valued at approximately $9,005,684.36. This trade represents a 30.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 478,738 shares of company stock valued at $11,874,000. 6.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Remitly Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Remitly Global during the second quarter worth about $410,752,000. Bank of America Corp DE increased its holdings in shares of 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 acquiring an additional 4,252,294 shares in the last quarter. Generation Investment Management LLP acquired a new position in shares of Remitly Global during the second quarter valued at about $109,637,000. Dimensional Fund Advisors LP increased its holdings in shares of Remitly Global by 12.6% during the first quarter. Dimensional Fund Advisors LP now owns 3,136,288 shares of the financial services provider’s stock valued at $49,142,000 after acquiring an additional 350,595 shares in the last quarter. Finally, Lead Edge Capital Management LLC purchased a new position in shares of Remitly Global in the 2nd quarter valued at approximately $60,232,971. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Company Profile

Remitly Global, Inc is a digital financial services company that enables consumers to send money internationally. Its platform is designed primarily for immigrants and other customers who regularly transfer funds to family and friends in their countries of origin.

Through its mobile application and website, Remitly allows users to initiate cross-border remittances and select delivery options such as bank deposits, mobile-wallet transfers, cash pickup and, in some markets, home delivery.