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

Shares of Remitly Global, Inc. (NASDAQ:RELYGet Free Report) 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.

Check Out Our Latest Analysis on Remitly Global

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:RELYGet Free Report) 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

(Get Free Report

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.

See Also

Analyst Recommendations for Remitly Global (NASDAQ:RELY)

Receive News & Ratings for Remitly Global Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Remitly Global and related companies with MarketBeat.com's FREE daily email newsletter.