Analysts Set Remitly Global, Inc. (NASDAQ:RELY) Price Target at $22.78

Remitly Global, Inc. (NASDAQ:RELY) has been given a consensus recommendation of “Buy” by the twelve brokerages that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $22.7778.

A number of equities research analysts have issued reports on RELY shares. Oppenheimer set a $20.00 target price on shares of Remitly Global in a research note on Thursday, February 19th. Zacks Research raised shares of Remitly Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 20th. Bank of America started coverage on Remitly Global in a report on Tuesday, February 10th. They set a “buy” rating and a $18.00 price objective for the company. Citizens Jmp lifted their price objective on Remitly Global from $20.00 to $22.00 and gave the company a “market outperform” rating in a research report on Thursday, February 19th. Finally, Wall Street Zen upgraded Remitly Global from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st.

Insider Buying and Selling at Remitly Global

In related news, insider Pankaj Sharma sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $16.35, for a total value of $49,050.00. Following the completion of the sale, the insider owned 215,830 shares of the company’s stock, valued at approximately $3,528,820.50. The trade was a 1.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ankur Sinha sold 9,741 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $16.94, for a total value of $165,012.54. Following the completion of the transaction, the insider owned 1,180,119 shares in the company, valued at $19,991,215.86. This represents a 0.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,073,290 shares of company stock worth $193,019,269 over the last quarter. Insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. lifted its stake in shares of Remitly Global by 48.2% in the 4th quarter. Baillie Gifford & Co. now owns 11,658,558 shares of the financial services provider’s stock valued at $160,888,000 after purchasing an additional 3,790,210 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Remitly Global by 86.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after purchasing an additional 2,567,446 shares in the last quarter. Marshall Wace LLP increased its position in Remitly Global by 74.4% during the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock worth $74,966,000 after buying an additional 1,962,076 shares during the last quarter. Norges Bank acquired a new position in Remitly Global during the second quarter worth $36,619,000. Finally, Azora Capital LP bought a new position in Remitly Global during the third quarter valued at about $31,213,000. Institutional investors and hedge funds own 74.25% of the company’s stock.

Remitly Global Trading Up 2.7%

Shares of NASDAQ RELY opened at $15.67 on Friday. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. Remitly Global has a 12 month low of $12.08 and a 12 month high of $24.70. The company has a market cap of $3.30 billion, a price-to-earnings ratio of 50.55 and a beta of 0.06. The business has a fifty day simple moving average of $14.65 and a 200-day simple moving average of $15.05.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Remitly Global had a return on equity of 8.87% and a net margin of 4.15%.The firm had revenue of $442.18 million for the quarter, compared to analysts’ expectations of $427.27 million. During the same quarter last year, the business posted ($0.03) EPS. Remitly Global’s revenue was up 25.7% on a year-over-year basis. Sell-side analysts predict that Remitly Global will post -0.04 EPS for the current year.

About Remitly Global

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.