Analysts Set Remitly Global, Inc. (NASDAQ:RELY) Price Target at $22.75

Remitly Global, Inc. (NASDAQ:RELY) has received a consensus recommendation of “Moderate Buy” from the nine analysts that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $22.75.

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

Remitly Global Trading Up 4.6 %

Shares of NASDAQ RELY opened at $22.61 on Friday. The stock has a fifty day simple moving average of $18.91 and a two-hundred day simple moving average of $15.27. Remitly Global has a 1-year low of $11.60 and a 1-year high of $22.70. The firm has a market cap of $4.48 billion, a price-to-earnings ratio of -64.60 and a beta of 0.10.

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 the consensus estimate of ($0.06) by $0.07. Remitly Global had a negative return on equity of 11.58% and a negative net margin of 5.63%. The company had revenue of $336.53 million during the quarter, compared to the consensus estimate of $320.71 million. During the same quarter in the prior year, the company earned ($0.20) EPS. The firm’s quarterly revenue was up 39.3% compared to the same quarter last year. Analysts forecast that Remitly Global will post -0.23 EPS for the current year.

Insider Activity

In other news, insider Joshua Hug sold 22,198 shares of Remitly Global stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.62, for a total transaction of $457,722.76. Following the completion of the sale, the insider now directly owns 3,873,811 shares of the company’s stock, valued at approximately $79,877,982.82. The trade was a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $20.86, for a total value of $304,201.38. Following the completion of the transaction, the chief executive officer now directly owns 4,417,011 shares in the company, valued at approximately $92,138,849.46. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 82,012 shares of company stock worth $1,435,212 in the last three months. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Remitly Global

Several hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC raised its holdings in shares of Remitly Global by 108.0% during the 2nd quarter. Millennium Management LLC now owns 3,987,899 shares of the financial services provider’s stock valued at $48,333,000 after buying an additional 2,071,026 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Remitly Global by 4.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,657,924 shares of the financial services provider’s stock worth $48,980,000 after acquiring an additional 169,454 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in shares of Remitly Global by 13.8% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,553,263 shares of the financial services provider’s stock worth $47,578,000 after acquiring an additional 431,987 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Remitly Global by 3.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,479,666 shares of the financial services provider’s stock valued at $46,601,000 after purchasing an additional 107,468 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Remitly Global by 25.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,132,232 shares of the financial services provider’s stock worth $25,843,000 after purchasing an additional 435,827 shares during the period. 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.