Remitly Global, Inc. (NASDAQ:RELY) Receives Average Recommendation of “Moderate Buy” from Brokerages

Remitly Global, Inc. (NASDAQ:RELY) has been given a consensus recommendation of “Moderate Buy” by the eleven brokerages that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $25.8750.

Several research firms have recently issued reports on RELY. KeyCorp reissued an “overweight” rating and issued a $28.00 price objective (up previously from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. JPMorgan Chase & Co. lowered their price target on Remitly Global from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of Remitly Global in a research report on Friday, November 28th. Monness Crespi & Hardt decreased their target price on Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Finally, JMP Securities lowered their target price on Remitly Global from $32.00 to $23.00 and set a “market outperform” rating for the company in a research note on Monday, September 15th.

Remitly Global Price Performance

Remitly Global stock opened at $13.45 on Friday. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 149.44 and a beta of 0.11. Remitly Global has a 12 month low of $12.08 and a 12 month high of $27.32. The stock’s 50-day moving average is $14.70 and its 200-day moving average is $17.47.

Remitly Global (NASDAQ:RELY) last issued 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 business had revenue of $419.49 million during the quarter, compared to analysts’ expectations of $413.73 million. During the same quarter in the previous year, the business earned $0.01 EPS. The company’s revenue for the quarter was up 24.7% on a year-over-year basis. Research analysts anticipate that Remitly Global will post -0.04 EPS for the current year.

Insider Buying and Selling at Remitly Global

In other news, Director Ryno Blignaut sold 4,500 shares of Remitly Global stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total transaction of $59,625.00. Following the sale, the director owned 41,576 shares in the company, valued at $550,882. This trade represents a 9.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joshua Hug sold 40,776 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $13.33, for a total transaction of $543,544.08. Following the transaction, the director directly owned 3,654,764 shares in the company, valued at approximately $48,718,004.12. The trade was a 1.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 76,442 shares of company stock valued at $1,098,702 over the last 90 days. 7.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Elequin Capital LP acquired a new stake in Remitly Global during the 1st quarter valued at approximately $30,000. Essex Investment Management Co. LLC acquired a new position in shares of Remitly Global in the 3rd quarter valued at approximately $33,000. First Horizon Corp purchased a new position in shares of Remitly Global during the 3rd quarter valued at approximately $36,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Remitly Global during the first quarter worth approximately $41,000. Finally, Quarry LP acquired a new stake in shares of Remitly Global during the third quarter worth approximately $42,000. Institutional investors and hedge funds 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.