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

Remitly Global, Inc. (NASDAQ:RELY) has been given an average rating of “Moderate Buy” by the eleven analysts that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $25.8750.

Several equities research analysts recently weighed in on RELY shares. JMP Securities dropped their price objective on shares of Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Monday, September 15th. Zacks Research downgraded Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 3rd. Monness Crespi & Hardt lowered their target price on Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, November 6th. The Goldman Sachs Group cut their price target on Remitly Global from $26.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Finally, Wall Street Zen upgraded Remitly Global from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th.

Insider Activity

In other news, Director Joshua Hug sold 40,776 shares of Remitly Global stock in a transaction that occurred 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 sale, the director owned 3,654,764 shares of the company’s stock, valued at approximately $48,718,004.12. The trade was a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Pankaj Sharma sold 3,000 shares of the stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $15.00, for a total value of $45,000.00. Following the completion of the transaction, the insider directly owned 220,830 shares of the company’s stock, valued at $3,312,450. This trade represents a 1.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 64,859 shares of company stock worth $900,458. 8.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RELY. Arrowstreet Capital Limited Partnership increased its holdings in shares of Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock valued at $90,530,000 after purchasing an additional 2,567,446 shares during the period. ArrowMark Colorado Holdings LLC increased its stake in Remitly Global by 46.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 5,531,247 shares of the financial services provider’s stock valued at $90,159,000 after buying an additional 1,748,576 shares during the period. Alliancebernstein L.P. raised its position in shares of Remitly Global by 366.8% during the 1st quarter. Alliancebernstein L.P. now owns 5,137,834 shares of the financial services provider’s stock worth $106,867,000 after buying an additional 4,037,151 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Remitly Global by 74.4% in the 3rd quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock worth $74,966,000 after acquiring an additional 1,962,076 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Remitly Global by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 3,747,396 shares of the financial services provider’s stock worth $70,347,000 after acquiring an additional 129,706 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Price Performance

Shares of RELY opened at $14.05 on Tuesday. The stock has a market capitalization of $2.94 billion, a PE ratio of 156.11 and a beta of 0.11. The business’s fifty day moving average price is $14.23 and its 200 day moving average price is $16.57. Remitly Global has a 12-month low of $12.08 and a 12-month 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 for the quarter, beating the consensus estimate of $0.02 by $0.02. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. The firm had revenue of $419.49 million during the quarter, compared to analyst estimates of $413.73 million. During the same quarter in the previous year, the firm earned $0.01 earnings per share. The firm’s revenue for the quarter was up 24.7% compared to the same quarter last year. As a group, research analysts anticipate that Remitly Global will post -0.04 earnings per share for the current fiscal year.

Remitly Global Company Profile

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.