Remitly Global, Inc. (NASDAQ:RELY) Receives $22.75 Average PT from Brokerages

Remitly Global, Inc. (NASDAQ:RELY) has been assigned a consensus recommendation of “Moderate Buy” from the nine brokerages that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $22.75.

A number of brokerages have recently weighed in on RELY. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $13.00 to $18.00 in a research note on Thursday, October 31st. JMP Securities lifted their price target on Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. BMO Capital Markets increased their price objective on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. KeyCorp lifted their target price on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Barclays boosted their price objective on shares of Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 18th.

Remitly Global Stock Up 0.9 %

Shares of NASDAQ RELY opened at $22.64 on Friday. The firm’s fifty day moving average is $19.09 and its 200 day moving average is $15.33. Remitly Global has a 52 week low of $11.60 and a 52 week high of $22.93. The company has a market cap of $4.48 billion, a price-to-earnings ratio of -64.69 and a beta of 0.10.

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, topping the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The business had revenue of $336.53 million during the quarter, compared to analysts’ expectations of $320.71 million. During the same quarter last year, the business posted ($0.20) EPS. The business’s revenue was up 39.3% on a year-over-year basis. Equities research analysts anticipate that Remitly Global will post -0.23 earnings per share for the current year.

Insider Transactions at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of Remitly Global stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the sale, the chief executive officer now directly owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. The trade was a 0.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Pankaj Sharma sold 4,000 shares of the firm’s stock in a transaction that occurred 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 owns 151,576 shares of the company’s stock, valued at $3,031,520. This represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 82,012 shares of company stock worth $1,435,212 in the last three months. Corporate insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Several institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. bought a new stake in shares of Remitly Global during the second quarter worth $43,000. Advisors Asset Management Inc. boosted its stake in shares of Remitly Global by 58.7% during the third quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 1,466 shares in the last quarter. Assetmark Inc. purchased a new stake in shares of Remitly Global during the 3rd quarter worth $76,000. FMR LLC boosted its stake in Remitly Global by 39.8% in the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 1,970 shares in the last quarter. Finally, nVerses Capital LLC increased its holdings in shares of Remitly Global by 2,900.0% during the second quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock valued at $109,000 after acquiring an additional 8,700 shares in the last quarter. Institutional investors own 74.25% of the company’s stock.

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.