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

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been assigned a consensus recommendation of “Moderate Buy” from the ten research firms that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $22.75.

RELY has been the topic of several research reports. Wells Fargo & Company upgraded shares of Remitly Global from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. KeyCorp upped their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. upped their price objective on shares of Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. JMP Securities increased their price target on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Finally, BMO Capital Markets increased their price target on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th.

Remitly Global Stock Performance

Shares of NASDAQ:RELY opened at $20.56 on Monday. The company has a market cap of $4.07 billion, a PE ratio of -58.74 and a beta of 0.03. The firm has a 50 day simple moving average of $16.52 and a 200 day simple moving average of $14.45. Remitly Global has a 52 week low of $11.60 and a 52 week high of $22.08.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.07. The firm had revenue of $336.53 million for the quarter, compared to analyst estimates of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The company’s revenue for the quarter was up 39.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.20) EPS. On average, equities analysts predict that Remitly Global will post -0.23 earnings per share for the current year.

Insider Transactions at Remitly Global

In related news, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $20.00, for a total value of $80,000.00. Following the transaction, the insider now directly owns 151,576 shares in the company, valued at approximately $3,031,520. This trade represents a 2.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the transaction, the chief executive officer now owns 4,542,613 shares in the company, valued at $64,595,956.86. The trade was a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,429 shares of company stock worth $1,131,011 in the last 90 days. 8.10% of the stock is owned by insiders.

Institutional Trading of Remitly Global

A number of hedge funds have recently bought and sold shares of the stock. Teachers Retirement System of The State of Kentucky boosted its holdings in Remitly Global by 18.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 59,643 shares of the financial services provider’s stock valued at $799,000 after purchasing an additional 9,323 shares during the period. Neo Ivy Capital Management bought a new stake in Remitly Global in the 3rd quarter valued at $628,000. Geode Capital Management LLC boosted its holdings in Remitly Global by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock valued at $46,601,000 after purchasing an additional 107,468 shares during the period. M&T Bank Corp bought a new stake in Remitly Global in the 3rd quarter valued at $693,000. Finally, Barclays PLC boosted its holdings in Remitly Global by 19.2% in the 3rd quarter. Barclays PLC now owns 1,408,402 shares of the financial services provider’s stock valued at $18,858,000 after purchasing an additional 227,231 shares during the period. 74.25% of the stock is owned by institutional investors.

About Remitly Global

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.