Remitly Global (NASDAQ:RELY) Earns Outperform Rating from William Blair

William Blair reiterated their outperform rating on shares of Remitly Global (NASDAQ:RELY) in a research note released on Thursday morning,RTT News reports.

RELY has been the subject of a number of other reports. KeyCorp lifted their price target on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Wells Fargo & Company raised their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday. Barclays raised their price objective on shares of Remitly Global from $23.00 to $28.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. BMO Capital Markets raised their price objective on shares of Remitly Global from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, JMP Securities raised their price objective 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. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.00.

Remitly Global Trading Down 0.5 %

Shares of RELY opened at $25.79 on Thursday. Remitly Global has a 1-year low of $11.60 and a 1-year high of $27.32. The firm has a 50-day simple moving average of $23.58 and a two-hundred day simple moving average of $18.60.

Remitly Global (NASDAQ:RELY) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.31%. The business had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. As a group, research analysts expect that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the sale, the chief executive officer now owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. The trade was a 0.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joshua Hug sold 22,198 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $20.62, for a total transaction of $457,722.76. Following the sale, the insider now owns 3,873,811 shares of the company’s stock, valued at $79,877,982.82. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,947 shares of company stock worth $1,467,012 over the last 90 days. 8.10% of the stock is owned by insiders.

Institutional Trading of Remitly Global

Several institutional investors have recently modified their holdings of RELY. Norges Bank purchased a new stake in shares of Remitly Global during the 4th quarter worth approximately $66,169,000. Principal Financial Group Inc. lifted its position in shares of Remitly Global by 10,213.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock worth $27,058,000 after buying an additional 2,001,198 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Remitly Global by 1,032.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider’s stock worth $31,614,000 after buying an additional 1,276,991 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its position in shares of Remitly Global by 34.4% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 4,774,069 shares of the financial services provider’s stock worth $107,751,000 after buying an additional 1,220,806 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Remitly Global by 146.4% in the 4th quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider’s stock valued at $35,456,000 after acquiring an additional 933,253 shares during the period. Hedge funds and other institutional investors own 74.25% of the company’s stock.

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.