Remitly Global, Inc. (NASDAQ:RELY) Receives $28.13 Consensus PT from Brokerages

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been given a consensus recommendation of “Moderate Buy” by the nine analysts that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $28.13.

A number of analysts have issued reports on RELY shares. Wells Fargo & Company raised their target price on Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Remitly Global in a research report on Thursday, February 20th. The Goldman Sachs Group upped their target price on shares of Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Barclays raised their price target on shares of Remitly Global from $28.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th.

Remitly Global Trading Up 0.7 %

NASDAQ:RELY opened at $20.94 on Friday. The firm has a market capitalization of $4.20 billion, a PE ratio of -110.21 and a beta of 0.07. Remitly Global has a 1 year low of $11.60 and a 1 year high of $27.32. The firm’s fifty day simple moving average is $22.98 and its 200 day simple moving average is $20.20.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.04. The company had revenue of $351.90 million for the quarter, compared to the consensus estimate of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. As a group, analysts anticipate that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of Remitly Global stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.14, for a total transaction of $337,450.62. Following the sale, the chief executive officer now directly owns 4,387,845 shares of the company’s stock, valued at approximately $101,534,733.30. The trade was a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ankur Sinha sold 5,000 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the completion of the transaction, the insider now directly owns 397,805 shares of the company’s stock, valued at approximately $7,562,273.05. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,749 shares of company stock valued at $1,081,736 in the last 90 days. 8.10% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

A number of large investors have recently bought and sold shares of RELY. Global Retirement Partners LLC bought a new position in shares of Remitly Global during the fourth quarter valued at $28,000. Advisors Asset Management Inc. lifted its holdings in Remitly Global by 58.7% during the 3rd 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 during the last quarter. R Squared Ltd acquired a new position in Remitly Global in the fourth quarter valued at about $89,000. FMR LLC boosted its position 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 buying an additional 1,970 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in Remitly Global during the fourth quarter worth about $135,000. 74.25% of the stock is currently owned by institutional investors.

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.