Remitly Global, Inc. (NASDAQ:RELY) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been given a consensus recommendation of “Moderate Buy” by the thirteen brokerages that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, nine have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $23.70.

RELY has been the subject of a number of research analyst reports. The Goldman Sachs Group restated a “buy” rating and issued a $17.00 price target on shares of Remitly Global in a research note on Tuesday, January 6th. JPMorgan Chase & Co. cut their target price on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Remitly Global in a research report on Monday, December 29th. Cantor Fitzgerald raised Remitly Global to a “strong-buy” rating in a report on Tuesday, January 27th. Finally, Zacks Research raised Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th.

Remitly Global Price Performance

Shares of Remitly Global stock opened at $13.08 on Wednesday. Remitly Global has a 1-year low of $12.08 and a 1-year high of $27.32. The company has a market capitalization of $2.73 billion, a PE ratio of 145.33 and a beta of 0.11. The business has a 50-day moving average of $13.75 and a 200-day moving average of $15.35.

Insider Activity

In related news, Director Joshua Hug sold 40,776 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $13.33, for a total value of $543,544.08. Following the sale, the director owned 3,654,764 shares of the company’s stock, valued at $48,718,004.12. This trade represents a 1.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ryno Blignaut sold 4,500 shares of the business’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $13.25, for a total transaction of $59,625.00. Following the transaction, the director directly 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. Over the last quarter, insiders sold 54,776 shares of company stock valued at $733,574. 8.10% of the stock is currently owned by company insiders.

Institutional Trading of Remitly Global

Large investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its holdings in shares of Remitly Global by 0.5% during the second quarter. California State Teachers Retirement System now owns 135,843 shares of the financial services provider’s stock valued at $2,550,000 after purchasing an additional 679 shares during the period. Exchange Traded Concepts LLC lifted its stake in shares of Remitly Global by 29.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,098 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 714 shares during the period. Main Management ETF Advisors LLC lifted its stake in shares of Remitly Global by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock worth $1,329,000 after acquiring an additional 984 shares during the period. Xponance Inc. boosted its holdings in shares of Remitly Global by 8.7% in the third quarter. Xponance Inc. now owns 13,291 shares of the financial services provider’s stock valued at $217,000 after acquiring an additional 1,060 shares in the last quarter. Finally, AlphaQuest LLC increased its stake in shares of Remitly Global by 34.4% during the third quarter. AlphaQuest LLC now owns 4,359 shares of the financial services provider’s stock valued at $71,000 after acquiring an additional 1,115 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

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.