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

Remitly Global, Inc. (NASDAQ:RELY) has earned an average recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $25.25.

A number of equities research analysts have recently issued reports on RELY shares. The Goldman Sachs Group reaffirmed a “buy” rating and set a $17.00 target price on shares of Remitly Global in a research report on Tuesday, January 6th. JPMorgan Chase & Co. cut their price objective on Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a research note on Monday, December 29th. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Finally, William Blair restated an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th.

Insider Activity

In related news, insider Pankaj Sharma sold 3,000 shares of the stock in a transaction dated 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 sale, the insider directly owned 220,830 shares of the company’s stock, valued at approximately $3,312,450. This represents a 1.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ryno Blignaut sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $13.25, for a total value of $59,625.00. Following the sale, the director owned 41,576 shares of the company’s stock, valued at $550,882. The trade was a 9.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 50,276 shares of company stock worth $673,109 over the last quarter. Corporate insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Large investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Remitly Global by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider’s stock worth $1,848,000 after purchasing an additional 3,870 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Remitly Global by 57.1% in the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider’s stock valued at $7,142,000 after purchasing an additional 124,798 shares during the last quarter. Caxton Associates LLP bought a new stake in Remitly Global in the first quarter worth $218,000. Focus Partners Wealth acquired a new position in Remitly Global during the first quarter worth $1,458,000. Finally, Palisades Investment Partners LLC acquired a new position in Remitly Global during the second quarter worth $3,313,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Price Performance

Shares of RELY opened at $14.17 on Friday. The firm’s 50 day moving average is $13.71 and its 200-day moving average is $15.86. Remitly Global has a 12-month low of $12.08 and a 12-month high of $27.32. The stock has a market capitalization of $2.96 billion, a P/E ratio of 157.44 and a beta of 0.11.

Remitly Global (NASDAQ:RELY) last released its earnings results on Wednesday, November 5th. The financial services provider reported $0.04 EPS 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 business had revenue of $419.49 million during the quarter, compared to analyst estimates of $413.73 million. During the same period in the prior year, the business earned $0.01 earnings per share. The business’s quarterly revenue was up 24.7% on a year-over-year basis. As a group, equities research analysts forecast that Remitly Global will post -0.04 EPS 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.