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

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been assigned a consensus recommendation of “Buy” from the thirteen ratings firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, ten have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $22.7778.

Several research analysts have commented on the stock. Wall Street Zen lowered shares of Remitly Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 28th. Citigroup restated an “outperform” rating on shares of Remitly Global in a report on Thursday, February 19th. Cantor Fitzgerald upped their price objective on shares of Remitly Global from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, February 19th. Citizens Jmp upped their price objective on shares of Remitly Global from $20.00 to $22.00 and gave the stock a “market outperform” rating in a report on Thursday, February 19th. Finally, Oppenheimer set a $20.00 price objective on shares of Remitly Global in a report on Thursday, February 19th.

Remitly Global Trading Up 4.1%

NASDAQ:RELY opened at $16.67 on Thursday. The company has a fifty day moving average of $15.31 and a 200 day moving average of $14.78. Remitly Global has a 52 week low of $12.08 and a 52 week high of $24.70. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $3.51 billion, a P/E ratio of 53.77, a P/E/G ratio of 0.57 and a beta of 0.09.

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

Insiders Place Their Bets

In other Remitly Global news, Director Joshua Hug sold 29,049 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $17.98, for a total value of $522,301.02. Following the completion of the transaction, the director directly owned 3,575,733 shares in the company, valued at approximately $64,291,679.34. This represents a 0.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ltd Naspers sold 12,000,000 shares of the company’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $15.98, for a total transaction of $191,760,000.00. Following the completion of the transaction, the insider owned 13,441,745 shares of the company’s stock, valued at $214,799,085.10. This trade represents a 47.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 12,084,720 shares of company stock worth $193,194,734. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Torren Management LLC bought a new position in shares of Remitly Global in the 4th quarter worth about $25,000. Essex Investment Management Co. LLC bought a new position in shares of Remitly Global in the 3rd quarter worth about $33,000. Cullen Frost Bankers Inc. bought a new position in shares of Remitly Global in the 4th quarter worth about $28,000. First Horizon Corp bought a new position in shares of Remitly Global in the 3rd quarter worth about $36,000. Finally, GAMMA Investing LLC increased its stake in shares of Remitly Global by 280.2% in the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,628 shares in the last quarter. 74.25% of the stock is currently owned by institutional investors.

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.