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

Remitly Global, Inc. (NASDAQ:RELY) has been given an average rating of “Moderate Buy” by the ten research firms that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $22.75.

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on Remitly Global from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Monness Crespi & Hardt lifted their target price on Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $13.00 to $18.00 in a report on Thursday, October 31st. BMO Capital Markets lifted their price target on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, September 18th. Finally, JMP Securities increased their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st.

Insider Buying and Selling

In other Remitly Global news, insider Pankaj Sharma sold 4,000 shares of Remitly Global 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 completion of the sale, the insider now directly owns 151,576 shares of the company’s stock, valued at approximately $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total value of $570,492.18. Following the transaction, the chief executive officer now directly owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. This trade represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 45,231 shares of company stock valued at $673,288 in the last three months. Insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

A number of hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its stake in Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after purchasing an additional 2,001,198 shares during the period. GSA Capital Partners LLP lifted its holdings in shares of Remitly Global by 30.2% in the third quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock worth $3,517,000 after buying an additional 60,991 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new position in shares of Remitly Global during the 3rd quarter valued at $1,953,000. Assetmark Inc. purchased a new position in Remitly Global during the third quarter worth about $76,000. Finally, Pathstone Holdings LLC increased its position in shares of Remitly Global by 2.1% in the third quarter. Pathstone Holdings LLC now owns 355,713 shares of the financial services provider’s stock worth $4,763,000 after purchasing an additional 7,302 shares during the last quarter. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Price Performance

Shares of NASDAQ RELY opened at $21.04 on Monday. The stock has a market capitalization of $4.17 billion, a PE ratio of -60.11 and a beta of 0.03. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $22.49. The business has a fifty day moving average price of $15.88 and a two-hundred day moving average price of $14.23.

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

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.