Remitly Global, Inc. (NASDAQ:RELY) Receives $25.50 Consensus Target Price from Analysts

Remitly Global, Inc. (NASDAQ:RELY) has been given an average recommendation of “Moderate Buy” by the twelve brokerages that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $25.50.

A number of analysts have recently issued reports on RELY shares. Citigroup restated an “outperform” rating on shares of Remitly Global in a research report on Thursday. Freedom Capital raised Remitly Global to a “strong-buy” rating in a research report on Wednesday, April 1st. Cantor Fitzgerald lifted their price target on shares of Remitly Global from $24.00 to $28.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. The Goldman Sachs Group boosted their price target on shares of Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Finally, Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th.

Insiders Place Their Bets

In related news, Director Bora Chung sold 12,000 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $21.42, for a total value of $257,040.00. Following the sale, the director owned 125,317 shares of the company’s stock, valued at $2,684,290.14. The trade was a 8.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $526,750.00. Following the completion of the transaction, the chief financial officer directly owned 988,004 shares of the company’s stock, valued at $20,817,244.28. This trade represents a 2.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 187,188 shares of company stock valued at $4,087,718 over the last 90 days. Company insiders own 6.53% of the company’s stock.

Hedge Funds Weigh In On Remitly Global

Hedge funds have recently modified their holdings of the stock. Summit Securities Group LLC bought a new position in shares of Remitly Global in the 1st quarter valued at about $26,000. Torren Management LLC acquired a new position in Remitly Global during the fourth quarter valued at approximately $25,000. Cullen Frost Bankers Inc. acquired a new position in Remitly Global during the fourth quarter valued at approximately $28,000. GAMMA Investing LLC grew its stake in Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 677 shares in the last quarter. Finally, HighMark Wealth Management LLC bought a new position in Remitly Global in the fourth quarter valued at approximately $35,000. 74.25% of the stock is owned by institutional investors and hedge funds.

Remitly Global Stock Down 1.1%

Shares of RELY opened at $23.86 on Friday. Remitly Global has a 12-month low of $12.08 and a 12-month high of $25.75. The firm has a market capitalization of $5.02 billion, a price-to-earnings ratio of 48.69 and a beta of 0.34. The stock’s 50-day moving average price is $21.68 and its 200 day moving average price is $18.13.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.12 by $0.11. Remitly Global had a return on equity of 12.90% and a net margin of 6.12%.The firm had revenue of $452.80 million during the quarter, compared to analysts’ expectations of $438.94 million. During the same quarter in the prior year, the firm posted $0.05 EPS. The company’s revenue for the quarter was up 25.2% on a year-over-year basis. Equities research analysts expect that Remitly Global will post 0.62 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.