Brokerages Set Remitly Global, Inc. (NASDAQ:RELY) Price Target at $28.88

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been assigned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $28.88.

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group raised their target price on shares of Remitly Global from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. JMP Securities restated a “market outperform” rating and set a $32.00 price objective on shares of Remitly Global in a report on Thursday, April 10th. KeyCorp raised their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Barclays raised their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. Finally, Monness Crespi & Hardt raised their price objective on Remitly Global from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, May 8th.

Insider Transactions at Remitly Global

In other news, Director Joshua Hug sold 60,777 shares of Remitly Global stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $21.22, for a total value of $1,289,687.94. Following the transaction, the director owned 3,733,811 shares of the company’s stock, valued at $79,231,469.42. The trade was a 1.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $22.44, for a total transaction of $327,242.52. Following the sale, the chief executive officer directly owned 4,271,181 shares in the company, valued at approximately $95,845,301.64. This represents a 0.34% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,084,968 shares of company stock worth $276,321,392. 7.50% of the stock is owned by corporate insiders.

Institutional Trading of Remitly Global

Several institutional investors and hedge funds have recently bought and sold shares of RELY. Voya Investment Management LLC lifted its stake in shares of Remitly Global by 7.4% in the 1st quarter. Voya Investment Management LLC now owns 61,068 shares of the financial services provider’s stock valued at $1,270,000 after purchasing an additional 4,212 shares during the period. Osterweis Capital Management Inc. acquired a new position in shares of Remitly Global in the 1st quarter valued at $7,566,000. Rhumbline Advisers lifted its stake in shares of Remitly Global by 5.4% in the 1st quarter. Rhumbline Advisers now owns 219,702 shares of the financial services provider’s stock valued at $4,570,000 after purchasing an additional 11,213 shares during the period. Strs Ohio acquired a new position in shares of Remitly Global in the 1st quarter valued at $1,046,000. Finally, Intech Investment Management LLC lifted its stake in shares of Remitly Global by 53.0% in the 1st quarter. Intech Investment Management LLC now owns 92,850 shares of the financial services provider’s stock valued at $1,931,000 after purchasing an additional 32,150 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

Remitly Global Stock Down 1.1%

RELY stock opened at $18.27 on Tuesday. Remitly Global has a 52 week low of $12.43 and a 52 week high of $27.32. The company has a fifty day simple moving average of $20.82 and a two-hundred day simple moving average of $21.70. The firm has a market capitalization of $3.72 billion, a P/E ratio of -609.00 and a beta of 0.13.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative net margin of 0.34% and a negative return on equity of 0.70%. The business had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. During the same quarter last year, the business earned ($0.11) earnings per share. Remitly Global’s quarterly revenue was up 34.3% compared to the same quarter last year. As a group, analysts anticipate that Remitly Global will post -0.04 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.