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

Remitly Global, Inc. (NASDAQ:RELY) has been given an average rating of “Moderate Buy” by the nine ratings firms that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $23.13.

Several research firms recently weighed in on RELY. Barclays lifted their price target on Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. JMP Securities upped their target price 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 lifted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company upped their price objective on shares of Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th.

Remitly Global Trading Up 0.6 %

NASDAQ:RELY opened at $23.26 on Tuesday. The company has a 50-day moving average price of $21.67 and a 200-day moving average price of $16.82. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of -66.46 and a beta of 0.07. Remitly Global has a 12 month low of $11.60 and a 12 month high of $23.51.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 EPS for the quarter, topping 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 business had revenue of $336.53 million during the quarter, compared to analyst estimates of $320.71 million. During the same period last year, the business posted ($0.20) earnings per share. Remitly Global’s quarterly revenue was up 39.3% compared to the same quarter last year. Equities analysts forecast that Remitly Global will post -0.23 EPS for the current fiscal year.

Insider Activity at Remitly Global

In other news, insider Pankaj Sharma sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was 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 $3,031,520. This represents a 2.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. The trade was a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 41,893 shares of company stock valued at $864,720 over the last 90 days. Corporate insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. raised its holdings in shares of Remitly Global by 58.7% during the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 1,466 shares during the last quarter. Assetmark Inc. purchased a new stake in Remitly Global during the 3rd quarter valued at $76,000. FMR LLC lifted its holdings in shares of Remitly Global by 39.8% during the 3rd quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,970 shares during the period. Green Alpha Advisors LLC purchased a new position in shares of Remitly Global in the 3rd quarter worth $144,000. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Remitly Global in the third quarter worth $151,000. Institutional investors own 74.25% of the company’s stock.

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.