Remitly Global, Inc. (NASDAQ:RELY) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been given an average recommendation of “Moderate Buy” by the eleven research firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $25.8750.

A number of analysts recently weighed in on the stock. William Blair restated an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. JPMorgan Chase & Co. reduced their price objective on Remitly Global from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Thursday. The Goldman Sachs Group cut their target price on Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a research report on Monday, October 13th. KeyCorp reiterated an “overweight” rating and issued a $28.00 price target (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Finally, Wall Street Zen raised Remitly Global from a “hold” rating to a “buy” rating in a research note on Sunday, September 7th.

Remitly Global Stock Up 3.2%

Shares of Remitly Global stock opened at $12.71 on Monday. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of 141.22 and a beta of 0.10. The business has a fifty day simple moving average of $16.70 and a 200-day simple moving average of $18.61. Remitly Global has a fifty-two week low of $12.16 and a fifty-two week high of $27.32.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Remitly Global had a return on equity of 3.12% and a net margin of 1.36%.The firm had revenue of $419.49 million for the quarter, compared to analyst estimates of $413.73 million. During the same period in the previous year, the company earned $0.01 earnings per share. Remitly Global’s revenue was up 24.7% compared to the same quarter last year. Remitly Global has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. Analysts anticipate that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Phillip John Riese sold 5,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director owned 112,496 shares of the company’s stock, valued at approximately $2,249,920. This trade represents a 4.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Pankaj Sharma sold 5,000 shares of Remitly Global stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $19.71, for a total transaction of $98,550.00. Following the transaction, the insider owned 186,926 shares in the company, valued at approximately $3,684,311.46. The trade was a 2.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 93,943 shares of company stock valued at $1,696,348. 8.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RELY. Inspire Investing LLC bought a new position in shares of Remitly Global in the second quarter valued at approximately $769,000. Osterweis Capital Management Inc. bought a new position in Remitly Global in the 1st quarter worth $7,566,000. Teacher Retirement System of Texas bought a new position in Remitly Global in the 1st quarter worth $1,231,000. Intech Investment Management LLC lifted its position in Remitly Global by 53.0% during the 1st quarter. Intech Investment Management LLC now owns 92,850 shares of the financial services provider’s stock worth $1,931,000 after acquiring an additional 32,150 shares during the last quarter. Finally, Ascent Group LLC bought a new stake in Remitly Global during the first quarter valued at about $304,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

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.