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

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been given an average recommendation of “Moderate Buy” by the nine analysts that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $27.8750.

Several brokerages recently weighed in on RELY. Wall Street Zen upgraded shares of Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday, September 7th. KeyCorp restated an “overweight” rating and issued a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Finally, JMP Securities lowered their price objective on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a research report on Monday, September 15th.

Remitly Global Price Performance

NASDAQ:RELY opened at $16.40 on Friday. The firm has a market cap of $3.38 billion, a PE ratio of 273.38 and a beta of 0.13. The company has a 50-day moving average of $18.03 and a 200 day moving average of $19.51. Remitly Global has a 1-year low of $12.43 and a 1-year high of $27.32.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The firm had revenue of $411.85 million for the quarter, compared to analysts’ expectations of $384.59 million. During the same period in the previous year, the company posted ($0.06) earnings per share. The business’s quarterly revenue was up 34.4% compared to the same quarter last year. Sell-side analysts anticipate that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $16.68, for a total value of $243,244.44. Following the transaction, the chief executive officer owned 4,544,354 shares in the company, valued at approximately $75,799,824.72. This trade represents a 0.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Joshua Hug sold 40,777 shares of the firm’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $18.41, for a total value of $750,704.57. Following the completion of the transaction, the director owned 3,654,288 shares in the company, valued at $67,275,442.08. The trade was a 1.10% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 93,943 shares of company stock worth $1,720,993. 7.50% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Ameriprise Financial Inc. increased its position in shares of Remitly Global by 24.5% during the 4th quarter. Ameriprise Financial Inc. now owns 210,198 shares of the financial services provider’s stock worth $4,744,000 after purchasing an additional 41,346 shares during the last quarter. Bank of America Corp DE increased its position in shares of Remitly Global by 66.1% during the 4th quarter. Bank of America Corp DE now owns 407,253 shares of the financial services provider’s stock worth $9,192,000 after purchasing an additional 162,118 shares during the last quarter. D. E. Shaw & Co. Inc. acquired a new stake in shares of Remitly Global during the 4th quarter worth about $580,000. ProShare Advisors LLC increased its position in shares of Remitly Global by 51.3% during the 4th quarter. ProShare Advisors LLC now owns 42,044 shares of the financial services provider’s stock worth $949,000 after purchasing an additional 14,251 shares during the last quarter. Finally, Squarepoint Ops LLC increased its position in shares of Remitly Global by 42.1% during the 4th quarter. Squarepoint Ops LLC now owns 37,893 shares of the financial services provider’s stock worth $855,000 after purchasing an additional 11,219 shares during the last quarter. 74.25% of the stock is owned by institutional investors and hedge funds.

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.