Analysts Set Remitly Global, Inc. (NASDAQ:RELY) PT at $29.00

Remitly Global, Inc. (NASDAQ:RELY) has been assigned an average rating of “Moderate Buy” from the nine brokerages that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $29.00.

A number of research firms have recently weighed in on RELY. KeyCorp reiterated an “overweight” rating and set a $28.00 target price (up from $27.00) on shares of Remitly Global in a report on Thursday, August 7th. Wall Street Zen raised shares of Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, August 17th. The Goldman Sachs Group increased their price objective on shares of Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Barclays lifted their price target on shares of Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note 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 research note on Thursday, May 8th.

Remitly Global Trading Up 0.3%

RELY opened at $18.53 on Wednesday. The stock has a 50-day moving average price of $18.18 and a 200-day moving average price of $20.34. The stock has a market capitalization of $3.82 billion, a P/E ratio of 308.88 and a beta of 0.12. Remitly Global has a 12-month low of $12.43 and a 12-month high of $27.32.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The firm had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The business’s quarterly revenue was up 34.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.06) EPS. On average, equities research analysts predict that Remitly Global will post -0.04 EPS for the current year.

Insiders Place Their Bets

In other news, Director Joshua Hug sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $19.65, for a total value of $196,500.00. Following the completion of the transaction, the director owned 3,663,811 shares of the company’s stock, valued at $71,993,886.15. This represents a 0.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Phillip John Riese sold 5,000 shares of the company’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $20.34, for a total value of $101,700.00. Following the completion of the transaction, the director directly owned 102,257 shares of the company’s stock, valued at approximately $2,079,907.38. This trade represents a 4.66% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,583 shares of company stock worth $828,744. 7.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Remitly Global

Hedge funds have recently added to or reduced their stakes in the company. Elequin Capital LP bought a new stake in Remitly Global during the 1st quarter valued at about $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Remitly Global in the first quarter worth about $41,000. Exchange Traded Concepts LLC acquired a new stake in shares of Remitly Global during the first quarter worth about $46,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Remitly Global during the first quarter worth about $66,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Remitly Global in the 2nd quarter valued at about $89,000. 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.