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

Shares of Remitly Global, Inc. (NASDAQ:RELY) have been given a consensus rating of “Moderate Buy” by the ten brokerages that are presently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $22.75.

A number of equities research analysts recently issued reports on the stock. KeyCorp boosted their target price on shares of Remitly Global from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Monness Crespi & Hardt raised their price target on shares of Remitly Global from $29.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 1st. JMP Securities boosted their price objective on shares of Remitly Global from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Wells Fargo & Company raised shares of Remitly Global from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $13.00 to $18.00 in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. lifted their price target on Remitly Global from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th.

Remitly Global Stock Up 1.7 %

RELY opened at $21.04 on Monday. The business has a 50 day moving average price of $15.88 and a two-hundred day moving average price of $14.23. Remitly Global has a 52 week low of $11.60 and a 52 week high of $22.49. The company has a market cap of $4.17 billion, a PE ratio of -60.11 and a beta of 0.03.

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, topping analysts’ consensus estimates of ($0.06) by $0.07. Remitly Global had a negative net margin of 5.63% and a negative return on equity of 11.58%. The business had revenue of $336.53 million for the quarter, compared to analysts’ expectations of $320.71 million. During the same period in the prior year, the company posted ($0.20) EPS. The business’s revenue for the quarter was up 39.3% on a year-over-year basis. As a group, sell-side analysts expect that Remitly Global will post -0.23 EPS for the current fiscal year.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 40,119 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $14.22, for a total transaction of $570,492.18. Following the completion of the transaction, the chief executive officer now directly owns 4,542,613 shares in the company, valued at $64,595,956.86. The trade was a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Pankaj Sharma sold 4,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $20.00, for a total transaction of $80,000.00. Following the transaction, the insider now directly owns 151,576 shares in the company, valued at $3,031,520. This trade represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 45,231 shares of company stock valued at $673,288 in the last three months. Corporate insiders own 8.10% of the company’s stock.

Institutional Trading of Remitly Global

Hedge funds have recently bought and sold shares of the stock. Advisors Asset Management Inc. increased its holdings in shares of Remitly Global by 409.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,672 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,344 shares during the period. Blue Trust Inc. acquired a new stake in Remitly Global in the 2nd quarter valued at about $43,000. Assetmark Inc. acquired a new stake in shares of Remitly Global in the third quarter valued at approximately $76,000. FMR LLC raised its position in shares of Remitly Global by 39.8% during the third quarter. FMR LLC now owns 6,919 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 1,970 shares during the last quarter. Finally, nVerses Capital LLC raised its holdings in Remitly Global by 2,900.0% during the 2nd quarter. nVerses Capital LLC now owns 9,000 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 8,700 shares during the last quarter. 74.25% of the stock is owned by institutional investors.

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.