Remitly Global, Inc. (NASDAQ:RELY) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Remitly Global, Inc. (NASDAQ:RELY) has earned an average recommendation of “Moderate Buy” from the twelve analysts that are currently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $24.6250.

Several brokerages have weighed in on RELY. KeyCorp upped their target price on Remitly Global from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Oppenheimer set a $20.00 target price on Remitly Global in a report on Thursday, February 19th. Cantor Fitzgerald upped their target price on Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Zacks Research cut Remitly Global from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Finally, Freedom Capital upgraded Remitly Global to a “strong-buy” rating in a report on Wednesday, April 1st.

Insider Activity

In related news, CFO Vikas D. Mehta sold 25,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $526,750.00. Following the completion of the sale, the chief financial officer directly owned 988,004 shares in the company, valued at $20,817,244.28. This represents a 2.47% decrease in their position. The sale was disclosed in a document filed with the SEC, 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, insider Pankaj Sharma sold 16,000 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $20.01, for a total value of $320,160.00. Following the sale, the insider owned 767,810 shares of the company’s stock, valued at $15,363,878.10. This trade represents a 2.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 12,229,026 shares of company stock worth $196,514,765 over the last ninety days. 6.53% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Remitly Global

Hedge funds have recently made changes to their positions in the stock. Renaissance Group LLC lifted its stake in shares of Remitly Global by 52.0% during the 3rd quarter. Renaissance Group LLC now owns 495,040 shares of the financial services provider’s stock worth $8,069,000 after purchasing an additional 169,271 shares during the last quarter. Pekin Hardy Strauss Inc. raised its stake in Remitly Global by 581.8% in the fourth quarter. Pekin Hardy Strauss Inc. now owns 122,716 shares of the financial services provider’s stock valued at $1,693,000 after buying an additional 104,716 shares during the last quarter. Capelight Capital Asset Management LP purchased a new stake in Remitly Global in the fourth quarter valued at about $1,380,000. GSA Capital Partners LLP raised its stake in Remitly Global by 1,484.2% in the fourth quarter. GSA Capital Partners LLP now owns 361,033 shares of the financial services provider’s stock valued at $4,982,000 after buying an additional 338,244 shares during the last quarter. Finally, Baillie Gifford & Co. raised its stake in Remitly Global by 48.2% in the fourth quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after buying an additional 3,790,210 shares during the last quarter. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Remitly Global Trading Up 0.4%

Shares of RELY stock opened at $19.81 on Friday. Remitly Global has a twelve month low of $12.08 and a twelve month high of $24.92. The stock has a market capitalization of $4.17 billion, a price-to-earnings ratio of 40.43 and a beta of 0.37. The stock has a fifty day simple moving average of $19.90 and a two-hundred day simple moving average of $16.29.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The business had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $438.94 million. During the same period in the prior year, the business earned $0.05 EPS. The business’s revenue for the quarter was up 25.2% compared to the same quarter last year. Research analysts predict that Remitly Global will post 0.67 EPS for the current fiscal year.

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.