Remitly Global, Inc. (NASDAQ:RELY) Stock Rated “Buy” by Wall Street Brokerages

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been assigned an average recommendation of “Buy” from the thirteen research firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $27.78.

Several research firms recently commented on RELY. Citizens Jmp lifted their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Thursday, August 6th. Citigroup restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, August 6th. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. The Goldman Sachs Group lifted their price target on shares of Remitly Global from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Finally, KeyCorp boosted their price objective on shares of Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, August 6th.

Remitly Global Trading Up 5.2%

RELY stock opened at $22.91 on Thursday. The stock’s 50 day simple moving average is $23.91 and its 200 day simple moving average is $21.73. Remitly Global has a 12-month low of $12.08 and a 12-month high of $27.48. The stock has a market capitalization of $4.85 billion, a PE ratio of 16.48 and a beta of 0.39.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The business had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. During the same quarter last year, the company earned $0.03 EPS. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, research analysts predict that Remitly Global will post 0.85 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total transaction of $653,750.00. Following the transaction, the chief financial officer directly owned 943,735 shares of the company’s stock, valued at $24,678,670.25. This represents a 2.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 69,818 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $23.54, for a total value of $1,643,515.72. Following the completion of the transaction, the director owned 261,094 shares in the company, valued at approximately $6,146,152.76. This trade represents a 21.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 473,238 shares of company stock worth $11,746,510 in the last 90 days. Insiders own 6.53% of the company’s stock.

Institutional Trading of Remitly Global

A number of hedge funds have recently bought and sold shares of RELY. BlackRock Inc. purchased a new position in Remitly Global in the second quarter worth about $410,752,000. Bank of America Corp DE increased its position in shares of Remitly Global by 471.7% during the 1st 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. Generation Investment Management LLP bought a new position in shares of Remitly Global in the 2nd quarter worth approximately $109,637,000. Dimensional Fund Advisors LP lifted its stake in shares of Remitly Global by 12.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,136,288 shares of the financial services provider’s stock worth $49,142,000 after purchasing an additional 350,595 shares during the period. Finally, Azora Capital LP boosted its holdings in shares of Remitly Global by 50.4% in the fourth quarter. Azora Capital LP now owns 2,879,568 shares of the financial services provider’s stock worth $39,738,000 after buying an additional 964,656 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

About Remitly Global

Remitly Global, Inc is a digital financial services company that provides international money transfer services through its mobile application and website. The company enables customers to send funds across borders, with recipients able to receive money through bank deposits, mobile wallets, cash pickup locations and, in select markets, home delivery.

Remitly’s platform is designed to offer a convenient alternative to traditional remittance services, with features such as transfer tracking, multiple delivery options and customer support.