Remitly Global, Inc. (NASDAQ:RELY) Receives $29.00 Average PT from Brokerages

Remitly Global, Inc. (NASDAQ:RELY) has earned an average recommendation of “Moderate Buy” from the nine analysts that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $29.00.

Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, August 17th. KeyCorp reaffirmed an “overweight” rating and set a $28.00 target price (up from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Monness Crespi & Hardt increased their price target on shares of Remitly Global from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. The Goldman Sachs Group boosted their price objective on Remitly Global from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Finally, Barclays upped their price target on Remitly Global from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, May 12th.

Remitly Global Stock Performance

Shares of RELY opened at $18.53 on Wednesday. Remitly Global has a one year low of $12.43 and a one year high of $27.32. The stock has a market cap of $3.82 billion, a P/E ratio of 308.88 and a beta of 0.12. The stock has a 50-day moving average of $18.18 and a two-hundred day moving average of $20.34.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings data 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). Remitly Global had a net margin of 0.96% and a return on equity of 2.31%. The company had revenue of $411.85 million for the quarter, compared to analysts’ expectations of $384.59 million. During the same quarter in the previous year, the business posted ($0.06) EPS. The business’s quarterly revenue was up 34.4% on a year-over-year basis. Analysts predict that Remitly Global will post -0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the company’s stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $17.28, for a total value of $251,994.24. Following the sale, the chief executive officer owned 4,212,849 shares of the company’s stock, valued at $72,798,030.72. This represents a 0.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Phillip John Riese sold 5,000 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the sale, the director directly owned 112,496 shares in the company, valued at approximately $2,249,920. The trade was a 4.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,583 shares of company stock valued at $828,744 in the last three months. 7.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Elequin Capital LP purchased a new stake in shares of Remitly Global during the 1st quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Remitly Global during the 1st quarter valued at approximately $41,000. Exchange Traded Concepts LLC bought a new stake in Remitly Global during the first quarter valued at $46,000. Caitong International Asset Management Co. Ltd bought a new stake in Remitly Global during the first quarter valued at $66,000. Finally, Raymond James Financial Inc. bought a new stake in Remitly Global in the second quarter valued at $89,000. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.