Brokerages Set Remitly Global, Inc. (NASDAQ:RELY) Price Target at $22.75

Remitly Global, Inc. (NASDAQ:RELY) has been assigned an average recommendation of “Moderate Buy” from the nine research firms that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $23.13.

RELY has been the subject of a number of research analyst reports. KeyCorp lifted their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. JMP Securities raised their target price 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. Wells Fargo & Company lifted their target price on shares of Remitly Global from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, Barclays increased their price target on shares of Remitly Global from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 18th.

Remitly Global Price Performance

Remitly Global stock opened at $23.12 on Tuesday. The company’s 50-day moving average is $21.52 and its 200-day moving average is $16.60. The firm has a market capitalization of $4.58 billion, a PE ratio of -66.06 and a beta of 0.07. Remitly Global has a fifty-two week low of $11.60 and a fifty-two week high of $23.51.

Remitly Global (NASDAQ:RELY) last announced 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. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The firm had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the previous year, the business earned ($0.20) earnings per share. The business’s revenue was up 39.3% compared to the same quarter last year. As a group, analysts expect that Remitly Global will post -0.23 EPS for the current year.

Insider Transactions at Remitly Global

In other Remitly Global news, insider Joshua Hug sold 22,198 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the sale, the insider now directly owns 3,873,811 shares in the company, valued at $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the business’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 transaction of $80,000.00. Following the completion of the transaction, the insider now owns 151,576 shares of the company’s stock, valued at $3,031,520. The trade was a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 41,893 shares of company stock valued at $864,720. 8.10% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

Several large investors have recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in Remitly Global by 10,213.8% during the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after purchasing an additional 2,001,198 shares during the last quarter. M&T Bank Corp acquired a new position in shares of Remitly Global during the 3rd quarter worth $693,000. Neo Ivy Capital Management bought a new stake in shares of Remitly Global during the 3rd quarter worth $628,000. GSA Capital Partners LLP boosted its stake in 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 valued at $3,517,000 after buying an additional 60,991 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its position in Remitly Global by 250.9% in the third quarter. Point72 Asset Management L.P. now owns 83,207 shares of the financial services provider’s stock valued at $1,114,000 after acquiring an additional 59,496 shares during the last quarter. Institutional investors and hedge funds 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.