Remitly Global, Inc. (NASDAQ:RELY) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Remitly Global, Inc. (NASDAQ:RELY) has been given an average rating of “Moderate Buy” by the nine ratings firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $22.75.

Several research firms recently weighed in on RELY. BMO Capital Markets boosted their price target on shares of Remitly Global from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, September 18th. JMP Securities upped their price target on shares of Remitly Global from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. 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 report on Tuesday, August 20th. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $13.00 to $18.00 in a report on Thursday, October 31st. Finally, KeyCorp upped their price objective on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st.

Remitly Global Stock Down 1.3 %

RELY stock opened at $20.56 on Monday. Remitly Global has a 12-month low of $11.60 and a 12-month high of $22.08. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of -58.74 and a beta of 0.03. The company’s fifty day simple moving average is $16.52 and its 200 day simple moving average is $14.45.

Remitly Global (NASDAQ:RELY) last posted its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.07. The firm had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The business’s revenue was up 39.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.20) earnings per share. Research analysts expect that Remitly Global will post -0.23 earnings per share for the current year.

Insider Transactions at Remitly Global

In related news, insider Joshua Hug sold 22,198 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total value of $457,722.76. Following the completion of the transaction, the insider now directly owns 3,873,811 shares in the company, valued at $79,877,982.82. This trade represents a 0.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew B. Oppenheimer sold 40,119 shares of the firm’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $14.22, for a total transaction of $570,492.18. Following the sale, the chief executive officer now owns 4,542,613 shares of the company’s stock, valued at approximately $64,595,956.86. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,429 shares of company stock valued at $1,131,011. Company insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

A number of large investors have recently made changes to their positions in RELY. XTX Topco Ltd boosted its holdings in shares of Remitly Global by 4.0% in the third quarter. XTX Topco Ltd now owns 14,515 shares of the financial services provider’s stock worth $194,000 after buying an additional 563 shares during the last quarter. American International Group Inc. increased its position in Remitly Global by 1.3% in the first quarter. American International Group Inc. now owns 67,072 shares of the financial services provider’s stock worth $1,391,000 after purchasing an additional 871 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Remitly Global by 1.4% during the third quarter. The Manufacturers Life Insurance Company now owns 86,561 shares of the financial services provider’s stock valued at $1,159,000 after acquiring an additional 1,170 shares during the last quarter. Simplicity Wealth LLC increased its position in Remitly Global by 11.7% during the second quarter. Simplicity Wealth LLC now owns 11,756 shares of the financial services provider’s stock valued at $142,000 after acquiring an additional 1,228 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Remitly Global by 7.1% during the second quarter. Principal Financial Group Inc. now owns 19,593 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 1,296 shares during the period. 74.25% of the stock is currently owned by institutional investors.

About Remitly Global

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.