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

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been given a consensus rating of “Moderate Buy” by the nine brokerages that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $21.57.

A number of research firms have recently commented on RELY. BMO Capital Markets boosted their price target on shares of Remitly Global from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. JPMorgan Chase & Co. upped their target price on shares of Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Monness Crespi & Hardt increased their target price on Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Wells Fargo & Company upgraded Remitly Global from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $13.00 to $18.00 in a report on Thursday. Finally, JMP Securities reiterated a “market outperform” rating and set a $22.00 price objective on shares of Remitly Global in a research report on Monday, July 29th.

Insider Activity

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 40,119 shares of the business’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $14.22, for a total value of $570,492.18. Following the transaction, the chief executive officer now owns 4,542,613 shares in the company, valued at approximately $64,595,956.86. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its holdings in Remitly Global by 19.0% in the first quarter. Principal Financial Group Inc. now owns 18,297 shares of the financial services provider’s stock worth $379,000 after buying an additional 2,920 shares during the period. Duality Advisers LP purchased a new stake in shares of Remitly Global in the 1st quarter worth about $446,000. Empowered Funds LLC grew its holdings in Remitly Global by 10.5% in the first quarter. Empowered Funds LLC now owns 51,523 shares of the financial services provider’s stock worth $1,069,000 after purchasing an additional 4,913 shares during the period. Swiss National Bank increased its position in Remitly Global by 2.4% during the 1st quarter. Swiss National Bank now owns 274,300 shares of the financial services provider’s stock valued at $5,689,000 after buying an additional 6,500 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in Remitly Global by 10.9% during the 1st quarter. ProShare Advisors LLC now owns 24,452 shares of the financial services provider’s stock valued at $507,000 after purchasing an additional 2,407 shares in the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Stock Up 18.4 %

RELY traded up $2.81 during trading hours on Thursday, hitting $18.07. The stock had a trading volume of 2,347,250 shares, compared to its average volume of 1,651,174. The stock has a market capitalization of $3.53 billion, a PE ratio of -32.27 and a beta of 0.10. Remitly Global has a 1 year low of $11.60 and a 1 year high of $27.62. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.46 and a current ratio of 2.46. The firm’s fifty day simple moving average is $0.43.

Remitly Global (NASDAQ:RELY) last posted its earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. The firm had revenue of $336.53 million for the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative return on equity of 19.02% and a negative net margin of 9.60%. The business’s quarterly revenue was up 39.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.20) earnings per share. As a group, equities analysts expect that Remitly Global will post -0.3 EPS for the current year.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.