Remitly Global, Inc. (NASDAQ:RELY) Receives $22.75 Consensus Price Target from Analysts

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been given an average recommendation of “Moderate Buy” by the ten ratings firms that are currently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $22.75.

Several research firms have weighed in on RELY. KeyCorp raised their target price on Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. BMO Capital Markets boosted their price target on Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 18th. Monness Crespi & Hardt boosted their price target on Remitly Global from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Barclays boosted their price target on Remitly Global from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Finally, Wells Fargo & Company raised Remitly Global from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $13.00 to $18.00 in a research report on Thursday, October 31st.

Remitly Global Stock Up 0.1 %

Shares of Remitly Global stock opened at $20.83 on Monday. The stock has a market cap of $4.13 billion, a PE ratio of -59.51 and a beta of 0.03. The business has a fifty day simple moving average of $16.13 and a 200-day simple moving average of $14.32. Remitly Global has a 12 month low of $11.60 and a 12 month high of $22.09.

Remitly Global (NASDAQ:RELY) last issued its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 EPS 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 firm posted ($0.20) earnings per share. Remitly Global’s revenue was up 39.3% compared to the same quarter last year. Analysts expect that Remitly Global will post -0.23 EPS for the current fiscal year.

Insider Buying and Selling at Remitly Global

In other news, 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 sale, the chief executive officer now directly owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. This represents a 0.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Joshua Hug sold 22,198 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the sale, the insider now owns 3,873,811 shares in the company, valued at approximately $79,877,982.82. This represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,429 shares of company stock valued at $1,131,011 in the last quarter. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

A number of large investors have recently bought and sold shares of RELY. American International Group Inc. lifted its holdings in Remitly Global by 1.3% during the 1st quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock worth $1,391,000 after buying an additional 871 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Remitly Global by 409.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,344 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Remitly Global by 6.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 86,164 shares of the financial services provider’s stock valued at $1,788,000 after purchasing an additional 5,596 shares during the period. Bayesian Capital Management LP acquired a new position in shares of Remitly Global in the 1st quarter valued at $1,271,000. Finally, Quent Capital LLC acquired a new position in shares of Remitly Global in the 2nd quarter valued at $242,000. 74.25% of the stock is currently 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.